According to PANews, Ant International and Ant Digital Technology are planning to apply for stablecoin licenses in Hong Kong, with LianLian Digital also exploring similar opportunities. Xiaomi's subsidiary, Tianxing Bank, has announced a stablecoin partnership with JD Coin Chain Technology, a company under JD.com, which has become one of the initial participants in the Hong Kong Monetary Authority's stablecoin issuer sandbox. The stablecoin market is rapidly expanding, with the global market capitalization reaching approximately $246.382 billion. Internationally, companies like Bank of America and PayPal have announced their stablecoin development efforts, targeting the cross-border payment market. In April 2025, Mastercard introduced a 'stablecoin settlement' option to encourage merchant adoption.