Nano Labs $308M Pushes for HKD RMB Stablecoin Issuance License in HK

Nano Labs Ltd. in China officially announced its intention to apply for a license to issue stablecoin in Hong Kong, as the region positions itself as a digital financial innovation center with a new licensing regime. Despite the strict cryptocurrency ban on the Chinese mainland, Hong Kong is welcoming the cryptocurrency wave, and companies like Nano Labs and Ant Group International are working to seize this opportunity. Nano Labs Aims for Stablecoin Issuance License Nano Labs Ltd, a Web3 infrastructure and product solution company with a market capitalization of 308 million USD, based in China, has announced plans to apply for a license to issue stablecoins pegged to the Hong Kong dollar (HKD) and offshore Renminbi (RMB). This move is in response to the new Stablecoin Law recently passed by the Hong Kong Legislative Council. In today's press release, Nano Labs stated that they aim to obtain these licenses along with other partners, based on the Stablecoin Act that will take effect from August 1, 2025, after being passed on May 21, 2025. Nano Labs is one of the first entities to seek legal approval after the law's enactment. The stablecoin law establishes a comprehensive licensing regime for all organizations wanting to issue stablecoins tied to fiat currency, including requirements for reserve supervision, auditing, redemption mechanisms, and operational transparency. The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) will jointly oversee this regime. Nano Labs emphasized their desire to contribute to Hong Kong's transformation into a digital asset center with a safe, compliant stablecoin infrastructure, focusing on key Asian market currencies. Many other businesses also plan to apply for licenses as soon as the stablecoin law takes effect. Ant Group International, the international branch 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 HKT telecommunications group have established a joint venture to develop an HKD-pegged stablecoin. This initiative was announced in February 2025, and the group has committed to applying for a license as soon as the legal framework becomes operational. Stablecoin to be Deployed on Bitcoin and Binance Networks Besides licensing plans, Nano Labs revealed its intention to support stablecoin issuance based on robust blockchain infrastructure. According to the announcement, the company aims to build a specialized technical framework for stablecoins, leveraging existing blockchain ecosystems, prioritizing Bitcoin and Binance Smart Chain (now called BNB Chain). This framework will address key issues such as Token issuance, smart contract security, cross-chain interoperability, and transparent reserve verification systems. By relying on reputable and widely adopted blockchain networks, Nano Labs aims to provide high-performance infrastructure for stablecoins serving both individual users and institutional clients. The company has not yet disclosed the identities of partners in licensing and technical projects but suggests forming "strategic partnerships" with fintech, payment platforms, banks, and DeFi ecosystems looking to integrate stablecoins into their payment systems.