The global stablecoin wave is accelerating, and once again, the United States and China are leading the charge. Following the explosive debut of Circle — dubbed the "first stablecoin stock" — which saw its valuation surge nearly 8-fold post-listing, Hong Kong-listed Guotai Junan International spiked by as much as 198% in a single day. This surge highlights growing investor confidence in the digital asset ecosystem, particularly in regulated markets like Hong Kong.
As governments implement clearer regulatory frameworks, stablecoins are evolving from niche crypto trading tools into mainstream payment solutions. With transaction volumes and market adoption rising rapidly, industry players with real-world use cases are stepping in. Among them, Dmall Digital Intelligence (02586.HK), a leading retail digitization platform, is preparing to enter the stablecoin arena by applying for a virtual asset license in Hong Kong.
Strategic Foundations: Why Dmall Is Well-Positioned
Dmall’s move into stablecoins is not impulsive but rooted in strategic foresight and existing infrastructure. On February 5, the company announced a strategic partnership with HashKey Group, one of Asia’s most prominent Web3 and blockchain firms. Under the agreement, Dmall established a trading account on HashKey Exchange — Hong Kong’s largest licensed virtual asset trading platform — to explore joint initiatives in digital asset trading, Web3 technology development, and blockchain ecosystem expansion.
With HashKey Exchange reporting over HK$600 billion in total trading volume and more than HK$10 billion in deposited assets, this collaboration provides Dmall with immediate access to a mature, compliant trading environment. More importantly, it signals Dmall’s long-term commitment to integrating digital assets into its core retail services.
Leadership Vision: Building a Web3-Ready Financial Strategy
In an exclusive response to financial analysts, Tom Tang (Tang Yifan), Vice President and CFO of Dmall Digital Intelligence, emphasized the company’s proactive stance on cryptocurrency adoption. “Virtual assets represent a transformative opportunity in the Web3 era,” Tang stated. “As crypto adoption grows across global commerce, it’s becoming an essential component of diversified investment strategies.”
He confirmed that Dmall has already allocated part of its treasury to Bitcoin and is actively expanding its Web3 talent pool by recruiting experts from top-tier platforms such as Amber Group and Crypto.com. These hires are now instrumental in shaping Dmall’s stablecoin development roadmap and broader digital asset strategy.
Tang also highlighted the practical benefits for Dmall’s vast network of retail clients: “Our customers face significant cross-border procurement and local payment challenges. Stablecoins offer faster settlement, lower transaction fees, and improved user experience — all critical advantages in competitive retail markets.”
Hong Kong’s Regulatory Momentum: A Global Hub for Virtual Assets
Hong Kong has emerged as a key player in the global digital asset landscape. In 2022, the Financial Services and Treasury Bureau released its Hong Kong Virtual Asset Development Policy Statement, clearly outlining ambitions to become Asia’s premier crypto hub. Since then, the city has taken concrete steps toward building a balanced regulatory framework that supports innovation while safeguarding financial stability.
Key milestones include:
- Implementation of a dual licensing regime for virtual asset service providers
- Launch of the world’s first government-backed tokenized green bond
- Approval of Asia’s first spot virtual asset ETFs and inverse futures products
On May 30, 2025, the Hong Kong government officially gazetted the Stablecoin Ordinance, establishing a formal licensing system for stablecoin issuers. A subsequent announcement set August 1, 2025, as the official commencement date for the ordinance (Cap. 656), marking a pivotal moment for regulated stablecoin operations in Asia.
This regulatory clarity creates fertile ground for companies like Dmall to innovate responsibly. By aligning with Hong Kong’s robust compliance standards, Dmall can position its potential stablecoin offering as both secure and scalable.
The Global Stablecoin Landscape: Trends and Growth Potential
According to recent financial research, stablecoins are digital assets designed to maintain a stable value relative to a fiat currency, typically the U.S. dollar. Issuers must ensure full convertibility and maintain reserves to back each token issued. Originally developed in unregulated environments, stablecoins have matured into essential infrastructure for cross-border payments and on-chain financial activities.
Two major advantages drive their adoption:
- Cross-border efficiency: Stablecoin transfers are significantly faster and cheaper than traditional wire transfers.
- On-chain utility: Over 90% of cryptocurrency trades on major exchanges like Binance are conducted using stablecoins as intermediaries. They also serve as anchor assets in decentralized finance (DeFi) protocols.
As of May 31, 2025, the total global stablecoin market capitalization reached approximately $247.4 billion, reflecting a compound annual growth rate of around 38% over the past two years. Analysts describe this inflection point as the “tipping point” where stablecoins transition from speculative tools to foundational elements of modern finance.
Frequently Asked Questions (FAQ)
Q: What is a stablecoin?
A: A stablecoin is a type of cryptocurrency pegged to a stable asset, usually a fiat currency like the U.S. dollar. It combines the speed and accessibility of digital assets with price stability.
Q: Why is Hong Kong regulating stablecoins now?
A: To establish itself as a global virtual asset hub, Hong Kong is creating a clear legal framework to attract compliant innovators while protecting consumers and maintaining financial integrity.
Q: How could Dmall’s stablecoin benefit retailers?
A: It could streamline international procurement payments, reduce transaction costs, and enable faster settlements — especially valuable for businesses operating across multiple markets.
Q: Is Dmall’s stablecoin already live?
A: No. The company is currently preparing its license application under Hong Kong’s new Stablecoin Ordinance and has not launched any stablecoin yet.
Q: Will Dmall’s stablecoin be backed by real assets?
A: While specifics await regulatory disclosure, industry standards require licensed stablecoins in Hong Kong to maintain full reserve backing with high-quality liquid assets.
Q: How does partnering with HashKey help Dmall?
A: HashKey offers a licensed exchange platform, technical expertise, and deep regulatory experience — all crucial for launching compliant digital asset services.
Final Outlook: Bridging Retail and Blockchain
Dmall Digital Intelligence stands at a unique intersection: it possesses extensive real-world retail use cases, strong technological infrastructure, and forward-thinking leadership committed to blockchain integration. With Hong Kong’s regulatory environment now supportive of licensed stablecoin issuance, the timing aligns perfectly for Dmall to pioneer institutional-grade digital payment solutions.
As the line between traditional commerce and decentralized finance continues to blur, companies that combine practical application with regulatory compliance will lead the next phase of fintech evolution.
Core Keywords:
- Stablecoin
- Hong Kong licensing
- Dmall Digital Intelligence
- Web3 strategy
- Virtual asset regulation
- Cross-border payments
- Blockchain in retail
- Digital asset integration