The global stablecoin and virtual asset landscape is undergoing rapid transformation, driven by evolving regulatory frameworks and increasing institutional adoption. With Hong Kong’s landmark Stablecoin Ordinance now in effect and the government releasing its Hong Kong Digital Assets Development Policy Declaration 2.0, the region is emerging as a key hub for tokenized finance.
This regulatory clarity, combined with advancements in blockchain infrastructure, cross-border payments, and real-world asset (RWA) tokenization, is unlocking new opportunities across the financial technology ecosystem. From secure hardware solutions to payment networks and digital identity systems, a range of companies are strategically positioned to benefit.
Below, we examine ten A-share-listed firms at the forefront of this transformation—each playing a critical role in building the foundation for stablecoin adoption and digital asset innovation.
Leading the Charge in Stablecoin Infrastructure
One company stands out as a core participant in the Hong Kong Monetary Authority’s (HKMA) Project Ensemble Sandbox. It leads development on the cross-border settlement module for the central bank digital currency bridge (mBridge), connecting payment networks across 11 countries.
Its proprietary FINNOSafe platform enables end-to-end stablecoin issuance while complying with Hong Kong’s stringent regulatory requirements. Should the local stablecoin market reach HK$50 billion, transaction fees alone could generate over HK$250 million annually—contributing more than 30% to its projected 2024 revenue.
With strong technical capabilities and direct alignment with national digital currency initiatives, this firm is well-positioned to capture significant value as stablecoin use scales.
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1: Huabao Technology – Securing the Stablecoin Ecosystem
Huabao Technology specializes in hardware security modules (HSMs), which are essential for securing private keys and enabling offline digital signatures for stablecoin wallets.
At the intersection of technological innovation and policy support, the company leverages national encryption standards (GM/T) and blockchain integration to enhance cybersecurity. It is also exploring quantum-resistant encryption, positioning itself at the forefront of next-generation data protection.
Backed by China’s Digital China strategy, Huabao’s solutions are increasingly adopted in financial systems requiring high-level security—making it a critical enabler of trusted stablecoin operations.
2: G&D Technology – Early Mover in Digital Currency Research
G&D Technology established one of the earliest dedicated digital currency research centers among domestic firms. Its R&D focuses on software and hardware digital wallets, as well as the integration of digital currencies into existing financial equipment like ATMs.
This early investment has given it a first-mover advantage, allowing it to develop proprietary technologies that support both central bank digital currencies (CBDCs) and private-sector stablecoins.
As stablecoins gain traction in cross-border remittances and retail payments, G&D is well-placed to expand its footprint across banking and fintech channels.
3: Joinfintech – Powering Cross-Border Stablecoin Payments
Joinfintech holds a Money Service Operator (MSO) license in Hong Kong and has secured approval for cross-border RMB payments. The company actively participates in the mBridge project and provides blockchain-based cross-border payment infrastructure for JD.com’s stablecoin initiatives.
Its subsidiary, Lian Dong You Shi, developed a stablecoin settlement system that supports real-time conversion between USDT and HKD. This solution is compatible with multiple international clearing networks and already captures 18% market share in Southeast Asia.
With rising demand for efficient cross-border transactions, Joinfintech’s regulatory compliance and technical depth make it a standout player.
4: Lakala – Full-Coverage Cross-Border RMB Payments
Lakala is the only third-party payment provider in mainland China licensed for full-scope cross-border RMB transactions. Its Hong Kong subsidiary also holds an MSO license, enabling stablecoin-enabled offline扫码payments.
Equipped with over 5 million POS terminals connected to China’s CIPS system, Lakala facilitates near-instant settlement of stablecoin transactions. The company is currently piloting retail payment scenarios in collaboration with JD.com.
Projections suggest Lakala could generate RMB 200 million in stablecoin-related revenue by 2025, highlighting its robust position in the evolving digital payment ecosystem.
5: Newland Payment – Global Terminal Network for Multi-Currency Settlement
As a core supplier of point-of-sale devices for JD.com, Newland’s smart POS terminals support real-time conversion across 38 currencies and serve merchants in over 120 countries.
Its cross-border payment technology seamlessly integrates with stablecoin circulation models, making it ideal for global commerce applications. Notably, Newland partnered with AntChain to complete China’s first photovoltaic RWA issuance, a milestone verified by the HKMA.
While its stock has fluctuated amid market sentiment around stablecoins, its underlying technological strengths remain solid.
6: GCL-Poly Energy – Pioneering Green Asset Tokenization
GCL-Poly Energy executed China’s first tokenized solar power project, raising RMB 200 million by converting distributed photovoltaic revenue rights into digital assets within the HKMA sandbox environment.
Using blockchain, the company enables real-time profit distribution and asset transferability, reducing financing cycles from years to just 27 months.
By partnering with AntChain to establish a dedicated entity, GCL-Poly is advancing the convergence of stablecoins and green finance, opening new funding avenues for renewable energy projects.
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7:雄帝科技 (Xiongdi Tech) – Digital Identity for Compliance
Xiongdi Technology developed the world’s first dual-track authentication system compatible with both digital yuan and stablecoins. Its Hong Kong subsidiary holds a Stored Value Facility (SVF) license and is involved in stablecoin payment pilots in the Greater Bay Area transportation network.
The company’s blockchain-based identity protocol is certified by FIDO International, and its hardware encryption devices command a 39% market share. It also provides key management services for HKMA trials.
As regulatory compliance becomes central to stablecoin adoption, Xiongdi’s identity verification solutions offer scalable trust layers.
8: Hopson Design – Shaping Standards for RWA Integration
Hopson Design contributes to the development of RWA (Real World Asset) tokenization standards, helping define frameworks for integrating physical assets with stablecoin ecosystems.
As demand grows for transparent, liquid alternatives to traditional investments, Hopson’s work positions it to play a foundational role in structuring compliant tokenized products—from real estate to infrastructure funds.
9: Kingstar Technology – Enabling Clearing Infrastructure
Kingstar Technology has equity stakes in firms providing clearing and settlement services for digital asset transactions. As stablecoin issuance and trading volumes rise, so will the need for reliable back-end processing infrastructure.
By supporting clearinghouses and exchanges, Kingstar indirectly benefits from increased transaction throughput and regulatory oversight expansion.
FAQ: Understanding Stablecoins and Market Opportunities
Q: What are stablecoins, and why are they important?
A: Stablecoins are cryptocurrencies pegged to stable assets like the US dollar or gold. They combine blockchain efficiency with price stability, making them ideal for payments, remittances, and financial applications.
Q: How does Hong Kong’s new Stablecoin Ordinance impact businesses?
A: The ordinance establishes clear licensing and operational rules for issuers, boosting investor confidence and encouraging institutional participation in digital asset markets.
Q: What is RWA tokenization?
A: Real-World Asset (RWA) tokenization involves converting physical assets—like property or solar farms—into blockchain-based tokens, enabling fractional ownership and improved liquidity.
Q: Are these companies direct stablecoin issuers?
A: Most are not issuers but provide essential infrastructure—such as security, payments, identity, or clearing—that enables safe and scalable stablecoin ecosystems.
Q: How might AI integrate with stablecoin systems?
A: AI can enhance fraud detection, automate compliance checks, optimize liquidity management, and personalize user experiences in wallet apps and trading platforms.
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Final Thoughts
The convergence of regulation, technology, and financial innovation is accelerating the adoption of stablecoins and digital assets across Asia—and particularly in Hong Kong. Companies that provide secure infrastructure, compliant frameworks, and scalable solutions are best positioned to thrive in this new era.
From hardware security to cross-border payments and green finance tokenization, these ten firms represent diverse yet interconnected pillars of the emerging digital economy. As use cases expand beyond speculation into real-world utility, their roles will become increasingly vital.
Note: The information provided is for educational purposes only and should not be considered investment advice. Always conduct independent research before making financial decisions.