China-based Nano Labs Ltd. has officially announced its intention to apply for a stablecoin issuance license in Hong Kong, as the region positions itself as a hub for digital financial innovation with a new licensing regime.
While mainland China’s anti-cryptocurrency policy remains strict, Hong Kong has opened its arms to the crypto wave, and companies like Nano Labs and Ant Group International are trying to capitalize on the opportunity.
Nano Labs Aims for Stablecoin Issuance License
Nano Labs Ltd, a $308 million-capitalized Web3 infrastructure and product solutions company headquartered in China, has announced plans to apply for a license to issue stablecoins pegged to Hong Kong dollars (HKD) and offshore Chinese yuan (RMB).
The move is in response to the new Stablecoin Law recently passed by the Hong Kong Legislative Council.
In a press release released today, Nano Labs said it aims to receive those licenses along with other partners, based on the Stablecoin Act, which takes effect on August 1, 2025 after being passed on May 21, 2025. Nano Labs is one of the first entities to move forward with legal approval after the law is enacted.
The stablecoin law establishes a comprehensive licensing regime for any organization wishing to issue fiat-pegged stablecoins, including requirements for reserve oversight, audits, redemption mechanisms, and operational transparency.
The Hong Kong Monetary Authority (HKMA) will jointly oversee the scheme with the Securities and Futures Commission (SFC).
Nano Labs stressed that it wants to contribute to Hong Kong’s transformation into a digital asset hub with a secure, compliant stablecoin infrastructure focused on key Asian market currencies.
Several other companies are also expected to apply for licenses as soon as the stablecoin law comes into effect. Ant Group International, the international arm of Alibaba-backed Ant Group, has confirmed plans to apply for a stablecoin license under the new framework.
Standard Chartered Hong Kong, Animoca Brands and telecommunications group HKT have formed a joint venture to develop a HKD-anchored stablecoin. The initiative was announced in February 2025, and the group has also committed to applying for a license as soon as the regulatory framework is in place.
Stablecoin to be deployed on Bitcoin and Binance networks
In addition to licensing plans, Nano Labs revealed its desire to support stablecoin issuance based on robust blockchain infrastructure.
According to the announcement, the company aims to build a dedicated technical framework for stablecoins, leveraging the existing blockchain ecosystem, prioritizing the Bitcoin network and Binance Smart Chain (currently called BNB Chain).
The framework will address key issues such as token issuance, smart contract security, cross-chain interoperability, and transparent reserve verification systems. By building on established and widely adopted blockchain networks, Nano Labs aims to provide high-performance stablecoin infrastructure for both individual and institutional clients.
The company has not disclosed the identities of its partners in licensing and technical projects, but hinted at forming “strategic partnerships” with fintechs, payment platforms, banks, and DeFi ecosystems looking to integrate stablecoins into their payment systems.
Source: https://tintucbitcoin.com/nano-labs-invests-308-million-usd-stablecoin/
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