AsianFin — Ant Group and JD.com, once considered frontrunners in Hong Kong’s nascent stablecoin licensing race, are now at the center of swirling market rumors suggesting they may be sidelined from the initial batch of approvals.
On Monday, speculation surfaced that both tech giants had withdrawn their applications for a Hong Kong stablecoin issuer license. JD.com swiftly refuted the claims, issuing a statement via its blockchain subsidiary JD Coinlink, asserting that the company is actively preparing for the license application process. “We are aware of false reports circulating in the market,” the company said, emphasizing that all official information will be released via its website (jdcoinlink.com).
Ant Group, however, has remained silent. An industry insider familiar with the matter remarked, “It’s not surprising if Ant doesn’t make the first cut.” Another Hong Kong-based Web3 entrepreneur echoed the sentiment, saying, “Both Ant and JD.com are still in the race, but it’s unlikely they’ll be included in the first batch of approvals.” The individual noted that the initial round of licenses may be limited to just two or three recipients, most likely local financial institutions.
The Hong Kong Monetary Authority (HKMA) has previously said that it will issue “only a few” stablecoin licenses in the pilot phase, even as dozens of companies have proactively approached regulators.
HKMA Chief Executive Eddie Yue has openly expressed concerns about the maturity of applicants’ business models, noting that many remain at the conceptual stage. “Institutions claiming to offer application scenarios often lack the technical capabilities and experience in managing financial risks associated with stablecoin issuance,” Yue said.
A person close to the HKMA said that regulators are particularly focused on concrete application scenarios rather than speculative concepts.
Meanwhile, the stablecoin market in Hong Kong appears to be cooling. A representative from a local cryptocurrency exchange revealed that since late July, the HKMA has instructed firms not to host public events related to stablecoins. On the mainland, a Web3 industry lawyer noted that since last Friday, brokers have been barred from organizing events or publishing reports related to stablecoins and real-world assets (RWA), citing excessive market hype.
Despite the rumors, industry observers believe it’s highly unlikely that Ant Group and JD.com would voluntarily withdraw from the stablecoin race, given their respective technological capabilities and ecosystem advantages.
Ant Group has amassed significant expertise in blockchain and digital finance. Its fintech arm, Ant Digital Technologies, has been actively involved in the HKMA’s Ensemble Project regulatory sandbox since August last year and has been aggressively building out its RWA infrastructure—an area where stablecoins play a pivotal role.
JD.com, for its part, brings a distinct advantage with its vast supply chain and logistics assets, making it an ideal candidate for stablecoin-backed real-world asset tokenization. Like Ant, JD.com is also participating in the HKMA’s sandbox program. Should Hong Kong’s stablecoin ambitions center around real-world applications and asset scaling, JD.com’s ecosystem would serve as a natural entry point.
For Hong Kong regulators, however, the approach remains cautious. With the stablecoin framework still in its infancy, authorities may prefer a phased rollout with tightly controlled pilot projects to mitigate potential systemic risks. A rapid scale-up involving tech giants like Ant and JD.com could raise concerns about overextension, particularly if issues such as technical vulnerabilities, market volatility, or credit crises arise.
Instead, a smaller-scale pilot, gradually expanding over time, may represent a more prudent path for regulators as they navigate the complexities of stablecoin governance.
The HKMA is expected to release the final list of license recipients in the coming months.
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