Nano Labs Targets Hong Kong Stablecoin License Amid Asia’s Digital Finance Shift
Nano Labs seeks license to issue HKD and RMB stablecoins under Hong Kong’s new crypto law, signaling Asia’s stablecoin momentum.
China-based Web3 firm Nano Labs Ltd. has revealed its intent to apply for a stablecoin license in Hong Kong under the recently enacted Stablecoins Ordinance, positioning itself among the first wave of companies to take advantage of the city’s new regulatory regime. The $308 million tech company aims to issue stablecoins pegged to the Hong Kong dollar (HKD) and offshore Renminbi (RMB), tapping into a strategic currency corridor central to Asian markets.
The legislative move, passed by Hong Kong’s Legislative Council on May 21 and effective from August 1, 2025, introduces a robust framework for fiat-referenced stablecoins. It includes strict requirements on reserve holdings, auditing, redemption guarantees, and operational transparency. Oversight will be shared by the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC).
Nano Labs announced plans to develop its stablecoin infrastructure on two of the industry’s most widely adopted networks: the Bitcoin blockchain and Binance Smart Chain (BNB Chain). According to its statement, the company will deploy a secure technical architecture designed to ensure smart contract integrity, cross-chain interoperability, and real-time reserve verifications.
“We are committed to helping shape Hong Kong into a digital asset hub by building compliant, high-performance stablecoin systems that meet both institutional and retail demand,” Nano Labs said in a press release.
The firm has not disclosed specific strategic partners yet, but hinted at upcoming collaborations with fintech firms, banks, and decentralized finance platforms. The goal is to integrate stablecoin rails into payment systems and cross-border settlement tools.
Nano Labs joins a growing roster of firms eyeing stablecoin licenses under the new regime. Ant Group International has confirmed similar intentions, and a joint venture between Standard Chartered Hong Kong, Animoca Brands, and telecom giant HKT has already been formed to develop an HKD-backed stablecoin.
As China maintains strict controls on digital currencies within its mainland borders, Hong Kong is emerging as a regulated testing ground for crypto-financial innovation. This trend reflects a broader regional effort to compete with global stablecoin initiatives while remaining within structured regulatory bounds.
