Safeheron CEO Wade Wang Features in Ming Pao: Hong Kong’s New Stablecoin Policy Will Foster a Complete Industry Ecosystem
In a recent report, Hong Kong media outlet Ming Pao covered the preparations of major institutions and the policy implications surrounding Hong Kong’s upcoming stablecoin licensing regime. The article featured professional insights from Safeheron CEO, Wade Wang.
Wade Wang believes that Hong Kong’s new stablecoin policy will foster a complete industry ecosystem, “encompassing an upstream of stablecoin issuers and public chain networks; a midstream composed of OTC platforms, payment service providers, and card issuers; and a downstream represented by enterprises in cross-border remittance, e-commerce, retail, and large-scale cross-border trade.”
Regarding the future use cases for HKD stablecoins, Wade Wang noted, “Globally, stablecoin applications are mainly centered on trading and payments. We expect Hong Kong’s stablecoins to follow a similar trajectory. I believe payments hold the greatest potential for real-world application, and in the short term, stablecoins will first see adoption on the B2B (business-to-business) side for use cases like cross-border payments and settlements.”
Read the full report below (translated by Safeheron):
Original article (in Chinese): https://finance.mingpao.com/fin/instantf/20250728/1753685857871
[Ming Pao Exclusive] The concept of stablecoins has gained significant traction in recent years. Under an optimistic scenario, virtual asset data platform OKG Research projects the global stablecoin supply to reach 3 trillion USD by 2030, with annual transaction volumes exceeding 100 trillion USD. In Hong Kong, the Stablecoin Bill is set to take effect this Friday (August 1), opening the door for issuance applications. Prospective licensees are gradually unveiling their strategies, including a focus on first developing the HKD stablecoin ecosystem. The broader virtual asset industry, including Licensed Virtual Asset Trading Platforms (VATPs), is also gearing up to seize new business opportunities.
Evan Auyang, President of Animoca Brands, a participant in the HKMA’s stablecoin issuer sandbox, told this newspaper that prioritizing the issuance of an HKD stablecoin on a major blockchain is confirmed. As for RMB and USD stablecoins, the company remains open and will assess market demand, stating they will “focus on building the HKD stablecoin ecosystem first.” He added that the company has been fully prepared since joining the sandbox, and its stablecoin is expected to serve not only native Web3 purposes but also traditional financial applications, including retail.
Sandbox Participants Like JINGDONG Coinlink Technology and RD Technologies Seen as Frontrunners for Licenses
HKMA Chief Executive Eddie Yue has published articles twice in the past month, voicing concerns about bubble-like trends in the stablecoin space and emphasizing that only a handful of licenses will be issued in the initial stage. It is also reported that the HKMA will implement a preliminary screening process, and only those who pass can formally apply. It is widely believed that the three participants in the aforementioned sandbox—JINGDONG (9618) Coinlink Technology, RD Technologies founded by former HKMA Chief Executive Norman Chan, and the consortium of Standard Chartered Bank (Hong Kong), Animoca Brands, and HKT (6823)—have a higher chance of securing a license due to their more than a year of accumulated testing experience. Additionally, Ant Group’s announcement that it will apply for a license as soon as the Stablecoin Bill takes effect has also drawn significant market attention.
Meanwhile, beyond the license applicants, some VATPs are already making strategic moves. For instance, HashKey stated it is building infrastructure to support Hong Kong stablecoins, which can already handle on-ramping, clearing, and compliant custody.
OSL (0863) announced it is accelerating its global expansion, including acquiring companies with local virtual asset licenses in jurisdictions like Japan, hoping to leverage these to promote the rapid adoption of Hong Kong-issued stablecoins.
Furthermore, some in the industry anticipate that the new policy will foster new business models. Wade Wang, founder and CEO of digital asset custody firm Safeheron, believes that the market will quickly form an industry value chain. This will encompass an upstream of stablecoin issuers and public chain networks; a midstream composed of OTC platforms, payment service providers, and card issuers; and a downstream represented by enterprises in cross-border remittance, e-commerce, retail, and large-scale trade.
Regarding the widely discussed use cases for HKD stablecoins, Wade Wang pointed out that global stablecoin applications are mainly centered on trading and payments. He expects Hong Kong’s stablecoins to follow a similar trajectory and believes thatpayments hold the greatest potential for real-world application. In the short term, he anticipates that stablecoins will first see adoption on the B2B (business-to-business) side for uses such as cross-border payments and settlements.
Non-Interest-Bearing Rule May Dampen Appeal, Say Industry Insiders
However, a major reason for the market appeal of some mainstream stablecoins is that they are interest-bearing, allowing holders to earn a yield. Hong Kong’s Stablecoin Ordinance explicitly prohibits licensed issuers from paying interest to stablecoin holders. Some industry insiders analyzing the situation for this newspaper believe this could limit the attractiveness of Hong Kong-issued stablecoins. Nevertheless, considering that the entities likely to issue these stablecoins will be doing so to support their own broader ecosystems—rather than operating them as standalone, for-profit ventures—it is believed that Hong Kong’s stablecoins still have significant room for development.
