Ant International and Ant Digital Technology plan to apply for licenses to issue stablecoins in Hong Kong, while LianLian Digital is exploring similar opportunities. Xiaomi's "Tianxing Bank" announced a partnership in the stablecoin space with JD Coin Chain Technology, a subsidiary of JD.com, which has become one of the first participants in the Hong Kong Monetary Authority's "sandbox" environment for stablecoin issuers. The stablecoin market is experiencing rapid growth, with a total global market capitalization of approximately $246.382 billion. Internationally, major companies such as Bank of America and PayPal have announced efforts to develop their own stablecoins, targeting the cross-border payment market. In April 2025, Mastercard launched a "settlement in stablecoins" option to encourage its adoption by merchants.
