Hong Kong stablecoin 2026 license! Xu Zhengyu: Shipping rental tokenization will go on-chain next year.

The Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, Hu Zhengyu, stated that Hong Kong is exploring how to tokenize stable cash flows such as international shipping rents and put them on the blockchain for investors to subscribe. Regarding Hong Kong's stablecoin, the relevant laws have been passed and are currently approving license applications, with the goal of distribution starting in 2026.

Tokenization of Shipping Rental Opens a New Chapter for RWA

Xu Zhengyu recently responded clearly to the asset tokenization (RWA) issue that the market is most concerned about in an interview with the “21st Century Business Herald.” He revealed that Hong Kong is actively exploring the tokenization of real assets, such as international shipping rents that generate stable cash flow, to be placed directly on the blockchain for investors to subscribe. This model not only creates new investment products but also utilizes blockchain technology to achieve asset traceability.

Why has shipping rent become the preferred target for tokenization? International shipping is the lifeline of global trade, with about 90% of goods transported by sea. Shipping rents are typically secured by long-term contracts, providing stable and predictable cash flow, making them very suitable as underlying assets for tokenization. Traditionally, shipping investments were mainly participated in by large institutions and high-net-worth individuals, making it difficult for general investors to enter. Through tokenization, these assets can be divided into smaller shares, lowering the investment threshold and allowing more investors to participate in bulk assets that were previously only accessible to institutions.

Xu Zhengyu emphasized that this model has two major benefits. First, it creates entirely new investment products, broadening the asset allocation choices for investors. Second, it utilizes the immutable characteristics of blockchain to ensure that the sources of assets and the distribution of profits are traceable throughout the process. Traditional shipping investments often involve complex legal structures and intermediaries, resulting in insufficient transparency. Blockchain technology can record the source of every rental income, the distribution time, and the beneficiaries, allowing investors to view their profit rights in real-time. This level of transparency is difficult to achieve in traditional finance.

The Core Advantages of Tokenization in Shipping Rentals

Lower Investment Threshold: Splitting large shipping assets into smaller tokens allows retail investors to participate in institutional-level investments.

Enhancing Liquidity: Tokens can be traded in the secondary market without waiting for long-term contracts to expire.

Transparency Upgrade: The blockchain records all profit distributions, allowing investors to verify instantly.

Automated Profit Distribution: Smart contracts automatically execute profit allocation without the need for trusted intermediaries.

He specifically pointed out that Hong Kong will never limit tokenization to “virtual currency speculation,” but will apply it in real economic scenarios such as shipping leases and corporate fund management. This clear policy positioning shows that Hong Kong's regulatory authorities have an open attitude towards RWA (real world assets) tokenization, but strictly reject purely speculative virtual asset projects. Shipping rents are just the beginning and may expand in the future to commercial real estate rents, trade receivables, supply chain finance, and more scenarios.

Hong Kong stablecoin 2026 licensing regulatory extremely prudent

Xu Zhengyu confirmed that the “Hong Kong Stablecoin Regulation” has been officially passed, and the licensing applications are currently being intensively reviewed, with the goal of officially issuing licenses starting in 2026. This is a significant milestone for Hong Kong's stablecoin regulatory framework, marking Hong Kong as one of the first jurisdictions in the world to establish a complete legal system for stablecoins. In contrast, stablecoin legislation in the United States is still in the congressional debate stage, while the EU's MiCA regulation has come into effect but the details are still being refined. Hong Kong's rapid advancement demonstrates its leading position in the regulation of digital assets.

Xu Zhengyu emphasized again: “Hong Kong's stablecoin is definitely not a tool for speculative trading, but is meant to address the pain points of the real economy, especially in cross-border payments.” This positioning stands in stark contrast to the recent meme coin launched by the Trump family. Hong Kong's regulatory authorities clearly distinguish between financial innovation and speculative trading, positioning stablecoins as payment tools and means of value storage, rather than as speculative targets with severe price volatility.

Therefore, the initial number of Hong Kong stablecoin licenses will be “very limited,” and the regulatory authorities will adopt an extremely prudent approach to ensure that only institutions that are fully compliant, 100% backed, and have funds custodied by local banks can obtain a license. This strict approval standard is aimed at preventing risks from the source and avoiding incidents similar to the USDT reserve transparency controversy or the collapse of TerraUSD.

The 100% reserve requirement is at the core of Hong Kong's stablecoin regulation. This means that for every 1 Hong Kong dollar or 1 US dollar of stablecoin issued, the issuing organization must hold an equivalent amount of fiat currency or highly liquid assets as reserves. These reserve funds must be stored in locally licensed banks in Hong Kong and are subject to regular audits and real-time monitoring by regulatory authorities. This strict reserve requirement ensures that stablecoin holders can redeem their tokens 1:1 at any time, eliminating the risk of a bank run.

The requirement for funds to be held in trust by local banks further strengthens regulatory penetration. Unlike some offshore stablecoin issuers that store reserves in jurisdictions with loose regulations, Hong Kong mandates that all reserves must be held in trust by locally licensed banks. This allows regulators to have real-time access to the reserve status, enabling immediate intervention upon detecting abnormalities, significantly reducing systemic risks.

Pain Points of Cross-Border Payments and Applications of Stablecoins

The statement made by Xu Zhengyu indicates that Hong Kong is attempting to exchange “the strictest regulation” for “the highest trust,” aiming to create the most compliant on-chain asset tokenization and Hong Kong stablecoin ecosystem in the world, with the goal of becoming an “asset custody box” for international funds. This positioning is highly strategic, as Hong Kong has chosen a different path from jurisdictions like Singapore and Switzerland in the global digital asset regulatory competition.

Singapore and Switzerland tend to have relatively loose, innovation-friendly regulations, attracting a large number of crypto-native businesses to register. In contrast, Hong Kong has chosen a strict regulatory approach, establishing trust through high compliance standards to attract traditional financial institutions and sovereign funds into the digital asset space. The advantage of this strategy lies in its ability to serve real large institutional funds rather than scattered cryptocurrency speculation funds.

Cross-border payments are the core scenario for the application of stablecoins in Hong Kong. The current cross-border payment system relies on the SWIFT network and correspondent banks, with a cross-border transfer usually taking 3 to 5 business days and transaction fees as high as 3% to 7% of the transfer amount. Stablecoins can complete cross-border transfers in minutes, with fees below 1%. This efficiency and cost advantage is revolutionary for trade financing, payroll distribution, and the remittance market.

Hong Kong, as an international financial center and the gateway to mainland China, has a natural advantage in the field of cross-border payments. The international trade settlements of numerous Chinese enterprises and the flow of funds between mainland China and Southeast Asia can be achieved more efficiently through Hong Kong's stablecoin. If Hong Kong can successfully establish a regulated stablecoin system, it may attract global traders to use Hong Kong as a digital asset settlement center.

Xu Zhengyu's concept of “脱虚向实” runs through the entire policy framework. Whether it's the tokenization of shipping rents or the regulation of stablecoins, the core is to serve the real economy rather than to foster speculation. Although this positioning may limit short-term market enthusiasm, it lays a solid foundation for the long-term sustainable development of Hong Kong's digital asset ecosystem.

Strategic Considerations for Initial Limited Edition Distribution

The initial issuance of licenses will be very limited, and this cautious attitude is backed by profound strategic considerations. First, limited issuance can ensure that regulatory resources are concentrated, allowing for in-depth supervision of each licensed institution, avoiding dilution of regulatory effectiveness due to excessive issuance. Second, selective issuance can establish a benchmark effect, where the first batch of licensed institutions will become demonstrators of industry standards, and their compliance practices will serve as reference templates for subsequent applicants.

Third, limited licensing reduces systemic risk. If a large number of licenses are issued initially, any problems faced by a licensed institution may trigger a chain reaction affecting the entire ecosystem. Through limited licensing, regulatory authorities can test the effectiveness of the regulatory framework within a relatively controllable range and gradually adjust policies based on actual operational experience. Fourth, scarcity itself is value; the first batch of Hong Kong stablecoin licenses will become highly competitive financial licenses, attracting the highest quality institutions to apply.