Tech Giants Compete to Enter the Stablecoin Market: The Dawn of a New Financial Era

Recently, two Chinese technology giants announced their plans to apply for stablecoin licenses, attracting widespread attention in the market. A subsidiary of an e-commerce giant has entered the Hong Kong stablecoin regulatory sandbox, while another payment giant plans to apply for licenses in multiple international financial centers. This move not only reflects the ambitions of Chinese companies in the digital asset space but also signals the enormous potential of stablecoins in global payment and investment scenarios.

The Rapid Development of the Stablecoin Market

Stablecoins, as a type of cryptocurrency pegged to fiat currencies or other assets, are rapidly becoming a strategic focus for global fintech companies due to their low volatility and efficient cross-border payment capabilities. Data shows that the total market capitalization of global stablecoins surpassed $250 billion in 2025, and it is expected to reach several trillion dollars by 2030.

Hong Kong, as a financial center in Asia, launched a stablecoin regulatory framework in 2023, which will officially implement relevant regulations in August 2025, providing a clear compliance path for enterprises. This policy environment creates favorable conditions for tech giants to enter the stablecoin market.

E-commerce Giants: Deepen Cross-Border Payment

As a leading e-commerce platform in China, this company has taken the lead in entering the Hong Kong stablecoin regulatory sandbox through its subsidiaries, testing scenarios such as cross-border payments and investment transactions. This strategy is closely related to its e-commerce ecosystem. With a massive supply chain and cross-border e-commerce business, the company aims to significantly reduce the cost and time of cross-border transactions through stablecoins.

In addition, the company has a strong accumulation of blockchain technology. Its self-developed blockchain platform has been applied in supply chain finance and logistics tracking, and applying for a stablecoin license is a natural step in the extension of its technology. This layout may also be linked to its international strategy, enhancing competitiveness in markets such as Southeast Asia through stablecoins.

Payment Giants: A New Chessboard with a Global Perspective

Another tech giant, as the parent company of the world's largest mobile payment platform, covers over 1 billion users. Its international business and blockchain subsidiary plan to apply for stablecoin licenses in Hong Kong, Singapore, and Luxembourg. This layout is closely tied to its global payment strategy, aiming to address the pain points of cross-chain and cross-coin payments.

The company continues to make efforts in blockchain technology, with its developed network serving as a settlement layer for stablecoin transactions, further enhancing efficiency. In addition, the company's collaboration with international banks indicates its exploration in reserve management and blockchain platforms, laying the foundation for the issuance of stablecoins.

Joint Driving Force: Dual Benefits from Regulation and Market

Behind the competition between these two tech giants to apply for stablecoin licenses, there is both the push from the regulatory environment and the drive from market demand. The relevant regulations in Hong Kong provide a clear compliance framework for enterprises, reducing the risks of entering the digital asset market. At the same time, the global demand for stablecoins has surged, especially in institutional adoption and cross-border payment scenarios.

Moreover, Chinese companies' cautious attitude towards digital assets is changing. Although mainland China has restrictive policies on cryptocurrencies, Hong Kong's special status as an international financial center provides a testing ground for businesses. The actions of these two companies indicate that they seek to secure a place in the global digital finance market through a compliance path.

Industry Impact and Future Outlook

The stablecoin strategies of these two tech giants will have a profound impact on the digital financial ecosystem. Firstly, this will promote the acceptance of stablecoins in mainstream finance, accelerating their transition from cryptocurrency trading tools to everyday payment methods. Secondly, the entry of these two giants may trigger more tech companies to follow suit, creating a new competitive landscape in the industry.

In the future, with the improvement of regulatory frameworks in places like Hong Kong and Singapore, the stablecoin market will welcome more innovative applications, such as supply chain finance, asset tokenization, and cross-border investment. These two companies, leveraging their technological accumulation and user base, are expected to become leaders in this field. However, challenges still exist, including compliance costs, technology integration, and the uncertainty of global regulatory coordination.

Conclusion

The strategic layout of these two Chinese tech giants applying for stablecoin licenses is an important step for them in the digital finance field. By leveraging the regulatory advantages of places like Hong Kong and the growth potential of the global stablecoin market, the two companies are accelerating the construction of a blockchain-centric financial ecosystem. Whether it's enabling cross-border e-commerce or their ambitions for global payments, stablecoins will become the key leverage for them to unlock the future. This race in digital finance has just begun and is worth ongoing attention.