Several prominent companies are actively pursuing stablecoin licenses in Hong Kong, signaling the growing interest and potential of this burgeoning market. Ant International and Ant Digital Technology have announced intentions to apply for these permits, joined by LianLian Digital. Xiaomi’s subsidiary, Tianxing Bank, has partnered with JD Coin Chain Technology, a company linked to JD.com, which is now part of Hong Kong Monetary Authority’s stablecoin issuer sandbox. The global stablecoin market cap reached approximately $246.382 billion in recent figures, demonstrating the significant size and potential for this sector. Globally, giants like Bank of America and PayPal are working on their own stablecoin projects, focusing on international payments. In April 2025, Mastercard introduced a ‘stablecoin settlement’ feature to facilitate merchant adoption.