On April 10, 2026, the Hong Kong Monetary Authority officially announced the first batch of stable currency licenses at 5 p.m.
It is reported that this is the first full-process regulatory license for legal currency stablecoins in the world to be implemented by a major international financial center, marking the transition of stablecoins from a gray area to an era of institutionalized and predictable regulation.
It is generally believed that stablecoins are not a replacement for the existing cross-border payment system, but an efficient supplement.
With Hong Kong, China as the hub, stablecoins can connect the mainland and global markets, promote the expansion of RMB cross-border usage scenarios, and enhance Hong Kong’s voice in global cross-border settlements.
Boosted by this heavy news, the A-share cross-border payment sector rose rapidly in the afternoon.
This licensing is not a temporary policy, but the implementation of the system after four years of preparation, legislation, consultation and sandbox testing in Hong Kong, China.
Public information shows that Hong Kong’s regulatory exploration of stablecoins began in 2022, and the entire process followed the path of rules first, market later, legislation first, licensing later, which is in sharp contrast to the “development first, regulation later” model in some regions.
In January 2022, the Hong Kong Monetary Authority released a discussion document on cryptoassets and stablecoins, systematically proposing regulatory ideas for the first time and soliciting opinions from the market.
In December 2023, the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority jointly issued a consultation document on legislative proposals, clarifying that fiat currency-linked stablecoins will be included in licensing supervision. The core principles are the same activities, the same risks, and the same supervision.
2025年5月，香港立法会三读通过《稳定币条例草案》，5月30日刊宪生效，8月1日正式实施，成为全球首部覆盖发行、储备、赎回、反洗钱、信息披露的稳定币专门立法。
In the view of analysts, Hong Kong’s promotion of stable currency regulation is essentially a strategic choice to consolidate its status as an international financial center.
On the one hand, traditional cross-border payments rely on SWIFT and agency banking models, which have many links, slow timeliness, high costs, and prominent pain points in small-amount and high-frequency scenarios; on the other hand, global digital financial competition is intensifying, and Hong Kong needs to build a compliance bridge between virtual assets and traditional finance to avoid the outflow of funds and industries.
Data show that the Hong Kong Monetary Authority received a total of 36 applications this time, covering banks, technology companies, payment institutions, virtual asset platforms and other diverse entities, and finally issued 2-3 licenses. The regulatory standards were based on prudence and stability, and the approval rate was less than 10%.
The pain points of traditional cross-border payments have existed for a long time: a cross-border remittance takes an average of 3-5 working days, and the handling rate is about 3% of the transaction amount –
7%. The intermediary bank’s layered deductions make the amount received opaque, and small and medium-sized enterprises and individual users bear higher costs.
The core value of stablecoins is to reconstruct the capital flow link through the combination of blockchain technology and compliance supervision.
Its interconnection with the existing payment system will form an “on-chain + off-chain” hybrid clearing model, which not only retains the risk control system of traditional finance, but also leverages the efficiency advantages of the blockchain, gradually covering all scenarios such as cross-border remittances, trade settlement, and fund custody.
Previously, stablecoins mostly stayed on the fringes of regulation, institutions were afraid to access them on a large scale, and companies were worried about policy risks.
After the Stablecoin Regulations come into effect, there will be clear rules for issuance, exchange, settlement, anti-money laundering and other aspects. Banks, payment institutions, and foreign trade companies can conduct business within the legal framework. The industry has entered the stage of “institutionalized operation” from a “regulatory vacuum”.
In terms of efficiency, compliant stablecoins achieve real-time clearing 24/7 and are not restricted by bank business hours and holidays. Cross-border funds can be received in seconds, significantly shortening the time of funds in transit.
At the cost level, intermediary links such as agency banks and clearing banks are eliminated, and the handling fee rate can be reduced to less than 0.5%, which is especially beneficial to small and high-frequency scenarios such as cross-border e-commerce and small and micro foreign trade.
At the risk control level, reserve asset isolation, real-name transactions, and penetrating supervision reduce the risk of default and money laundering, and solve the problems of traditional cross-border payments that are highly anonymous and difficult to trace the flow of funds.
The cross-border payment industry chain is divided into four major links: technical services, payment institutions, hardware equipment, and clearing and settlement.
The implementation of the stablecoin license this time has opened up long-term growth space for many A-share companies that have already laid out their plans in advance.
As an IT service provider that core services domestic commercial banks, Tianyang Technology (300872.SZ)’s layout in the cross-border payment field has always been centered around the needs of banks. It focuses on the three major directions of cross-border financial IT system construction, risk control and compliance system research and development, and digital financial integration. It builds core systems for banks such as cross-border payment clearing, international settlement, and foreign exchange transactions. It connects SWIFT, CIPS, and Hong Kong compliance settlement channels, and can easily adapt to the related needs of stable currency exchange and clearing.
In terms of risk control and compliance, the cross-border anti-money laundering, transaction monitoring, and identity verification systems developed by Tianyang Technology can meet the relevant KYC/AML requirements in the “Stable Coin Regulations” and effectively improve banks’ cross-border fund management capabilities.
At the same time, the company is also actively promoting the combination of digital renminbi and cross-border payments, exploring a hybrid settlement model of “legal digital currency + compliant stable currency”, focusing on serving core scenarios such as foreign trade and cross-border e-commerce.
With a wide range of customer coverage – covering large state-owned banks, joint-stock banks and regional banks, Tianyang Technology has a first-mover advantage in the cross-border IT transformation of banks. With the implementation of the Hong Kong stable currency license, the demand for related system upgrades and scenario development will gradually be transformed into actual orders, bringing continuous growth momentum to the company.
Tianyang Technology’s continued capital increase in Baoland (688058.SH) is an important layout for improving its industrial ecology and strengthening its core competitiveness.
In November 2025, Tianyang Technology announced that it had agreed to acquire 7.5% of Baoland’s shares for 155 million yuan, becoming its second largest shareholder. In April 2026, the company increased its holdings again to 9.01%, further strengthening the strategic cooperative relationship between the two parties.
The core reason for choosing Baoland is that the underlying technologies of both parties can complement each other. Baoland, as a core manufacturer of financial information innovation, specializes in basic software such as middleware, distributed architecture, and cloud platforms. Bank cross-border payments and stable currency clearing systems require highly reliable middleware to provide support. The combination of Tianyang Technology’s application layer solution and Baoland’s basic software can form a full-stack capability of “application system + basic software”, effectively improving the stability and security of the system while reducing dependence on foreign products.
