The global stablecoin wave has gained momentum, with China and the U.S. leading the charge. Following Circle's IPO (dubbed the "first U.S. stablecoin stock") soaring 800%, Hong Kong-listed Guotai Junan International surged 198% in a single day. With regulatory frameworks advancing in jurisdictions like Hong Kong, stablecoins are transitioning from crypto trading to broader payment applications—accelerating market growth and liquidity.
Dmall’s Strategic Move into Stablecoins
Retail digitalization service provider Dmall Digital Intelligence (HKG: 02586) is preparing to apply for a stablecoin license in Hong Kong. This initiative builds on its February 2024 partnership with HashKey Group, under which Dmall opened a trading account on HashKey Exchange (Hong Kong’s largest licensed virtual asset platform, with HKD 600B+ in total trading volume). The collaboration focuses on:
- Digital asset transactions
- Web3 development
- Blockchain ecosystem expansion
Executive Insights
Tang Yifan, Dmall’s VP and CFO, highlighted the company’s long-term bullish stance on cryptocurrency:
"Web3 integration presents vast opportunities. Stablecoins enhance cross-border retail payments—reducing costs, improving efficiency, and elevating consumer experiences."
Dmall has already allocated Bitcoin to its treasury and recruited Web3 talent from top firms like Amber Group and Crypto.com.
Hong Kong’s Push as a Virtual Asset Hub
Since its 2022 Policy Declaration on Virtual Assets, Hong Kong has implemented measures to solidify its crypto leadership:
- Dual licensing for virtual asset platforms
- Tokenized green bonds (world’s first government-backed issuance)
- Approval of virtual asset ETFs and inverse futures products
The Stablecoin Ordinance (effective August 1, 2025) establishes a licensing regime, further formalizing the sector.
Global Stablecoin Landscape
- Market size: $247.4B (as of May 2025)
- 2-year CAGR: 38%
Primary use cases:
- Cross-border payments (lower fees, faster settlements)
- On-chain trading (90%+ crypto transactions are stablecoin-denominated)
FAQ
Q: Why is Dmall entering stablecoins now?
A: Rising retail demand for efficient cross-border payments aligns with its digitalization expertise.
Q: How does Hong Kong’s regulatory approach differ?
A: It balances innovation with risk controls—e.g., licensing and real-world asset tokenization.
Q: What advantages do stablecoins offer merchants?
A: Near-instant settlements and reduced currency conversion costs vs. traditional systems.
👉 Explore how Web3 is reshaping retail finance
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