The global stablecoin wave is gaining momentum, with the United States and China once again leading the charge. Circle, dubbed the "first stablecoin stock" in the U.S., surged nearly 8-fold after its上市, while Guotai Junan International on the Hong Kong Stock Exchange saw a single-day peak gain of 198%. As regulatory frameworks take shape in regions like the U.S. and Hong Kong, the stablecoin market is accelerating into a new phase of growth. Originally confined to cryptocurrency trading, stablecoins are now expanding into broader payment ecosystems, driving rapid increases in market size and transaction volume.
Amid this transformation, multi-point digital intelligence service provider Dmall Technologies (02586.HK) — a company inherently equipped with real-world retail应用场景 — has announced plans to apply for a stablecoin license in Hong Kong.
Early Strategic Moves in Digital Assets
Dmall Technologies’ entry into the stablecoin space is not impulsive but part of a well-considered digital asset strategy. In February, the company signed a strategic cooperation agreement with HashKey Group, a major player in Hong Kong’s regulated virtual asset ecosystem. Under the agreement, Dmall established a trading account on HashKey Exchange and committed to collaboration in key areas including digital asset trading, Web3 technology development, and blockchain ecosystem building.
HashKey Exchange, operating under full regulatory oversight, has reported over HK$600 billion in cumulative trading volume and holds more than HK$10 billion in user funds — underscoring its position as Hong Kong’s largest licensed virtual asset platform. This partnership provides Dmall with immediate access to infrastructure, expertise, and compliance frameworks essential for navigating the evolving digital finance landscape.
👉 Discover how leading companies are integrating blockchain into real-world business models.
Corporate Strategy: Embracing Bitcoin and Web3 Talent
In an exclusive interview with financial media, Tommy Tang, Vice President and CFO of Dmall Technologies, confirmed that the company has already begun allocating capital into cryptocurrencies, including a strategic investment in Bitcoin. This move aligns with Dmall’s long-term vision of diversifying its asset portfolio and positioning itself at the forefront of the digital economy.
Beyond financial investments, Dmall is actively recruiting top-tier talent from leading Web3 organizations such as Amber Group and Crypto.com. These hires bring deep industry knowledge in exchange operations, risk management, and decentralized technologies — critical capabilities for executing Dmall’s stablecoin and broader crypto strategy.
Tang emphasized that Dmall serves numerous retail clients across China and globally, many of whom face complex cross-border procurement and local payment challenges. “Stablecoins can significantly enhance payment efficiency, reduce transaction costs, and improve customer experience,” he said. “By integrating stablecoin solutions, we’re not just investing in technology — we’re solving real business problems.”
Hong Kong’s Vision as a Global Virtual Asset Hub
Hong Kong has been proactively shaping its future as a global hub for virtual assets. The journey began in 2022 when the Financial Services and Treasury Bureau released its Hong Kong Virtual Asset Development Policy Statement, clearly outlining ambitions to become Asia’s premier crypto center.
Since then, Hong Kong has implemented a series of forward-thinking initiatives:
- Introduced a dual licensing regime to regulate virtual asset platforms
- Launched the world’s first government-backed tokenized green bond
- Approved Asia’s first spot virtual asset ETFs and inverse futures products
These steps reflect a balanced approach: fostering innovation while maintaining strong investor protections and financial stability.
A pivotal milestone arrived on May 30, 2025, when the Hong Kong Special Administrative Region government published the Stablecoins Ordinance in the official gazette, formally enacting it into law. The ordinance establishes a licensing system for stablecoin issuers and sets clear regulatory standards for reserve management, redemption rights, and operational transparency.
The law is set to take effect on August 1, 2025, giving firms like Dmall Technologies a defined timeline to prepare their applications and compliance frameworks.
👉 Learn how upcoming regulations are reshaping the future of digital finance.
Global Stablecoin Market Reaches $247 Billion
According to recent analysis by major investment banks, stablecoins are no longer niche tools but foundational components of the global digital economy. Defined as digital assets pegged to fiat currencies with guaranteed convertibility, stablecoins serve as reliable mediums for payments, settlements, and on-chain financial services.
Two primary advantages fuel their adoption:
- Cross-border payments: Faster and cheaper than traditional wire transfers
- On-chain transactions: Over 90% of cryptocurrency trades on exchanges like Binance use stablecoins as intermediaries
As of May 31, 2025, the total market capitalization of stablecoins stands at approximately $247.4 billion, growing at a compound annual rate of around 38% over the past two years. Analysts describe this trajectory as approaching a “tipping point,” where stablecoins could become mainstream tools for global commerce.
Core keywords naturally integrated throughout: stablecoin, Bitcoin, Hong Kong, Web3, digital assets, blockchain, cryptocurrency, regulated virtual asset platform
Frequently Asked Questions (FAQ)
Q: Why is Dmall Technologies entering the stablecoin market?
A: As a retail-focused digital solutions provider, Dmall sees stablecoins as a way to streamline cross-border payments for its clients, reduce transaction fees, and enhance user experience — aligning fintech innovation with real-world business needs.
Q: Is Dmall’s Bitcoin investment risky?
A: While all crypto investments carry volatility risk, Dmall views Bitcoin as a long-term store of value and part of a diversified digital asset strategy. The company emphasizes prudent allocation and ongoing risk assessment.
Q: What does Hong Kong’s Stablecoins Ordinance mean for businesses?
A: It creates a clear regulatory pathway for companies to issue or operate with stablecoins. Firms must meet strict requirements on reserves, audits, and redemption mechanisms — increasing trust and enabling institutional participation.
Q: How do stablecoins differ from other cryptocurrencies?
A: Unlike volatile tokens like Bitcoin or Ethereum, stablecoins maintain a stable value by being backed 1:1 with reserve assets such as USD or government securities, making them ideal for everyday transactions.
Q: Can stablecoins replace traditional banking systems?
A: Not entirely — but they complement existing systems by offering faster settlement times, lower costs, and greater accessibility, especially in cross-border contexts.
Q: When will Dmall launch its own stablecoin?
A: No official launch date has been announced. The company is currently preparing its license application ahead of the August 1, 2025 implementation date of Hong Kong’s new ordinance.
👉 See how enterprises are preparing for the next era of financial innovation.