Nano Labs plans to apply for licenses to issue HKD and offshore RMB stablecoins under Hong Kong’s new stablecoins bill

China-based Nano Labs Ltd. has announced its plans to apply for a stablecoin issuing license in Hong Kong as the jurisdiction positions itself as a center for digital finance innovation, as it ushers in a new licensing regime. 

Despite the restrictive crypto policies on the Chinese mainland, Hong Kong seems to be embracing the cryptocurrency wave, and companies like Nano Labs and Ant Group International are doing their best to capitalize on the opportunities.

Nano Labs goes after stablecoin licensing

Nano Labs Ltd, a $308M Web3 infrastructure and product solutions company based in China, has announced its plans to apply for licenses that will allow the company to issue stablecoins pegged to the Hong Kong dollar (HKD) and offshore Renminbi (RMB).

The move is in response to the recently passed Stablecoins Bill by Hong Kong’s Legislative Council.

In its press release earlier today, Nano Labs stated that it intends to acquire these licenses in partnership with other entities according to the Stablecoins Ordinance that passed on May 21, 2025, and is scheduled to take effect from August 1, 2025. Nano Labs is one of the first companies to seek regulatory clearance since the bill passed.

The stablecoins bill introduces a comprehensive licensing regime for any firm intending to issue stablecoins referenced to fiat currencies, including regulatory oversight on reserves, audits, redemption mechanisms, and operational transparency.

The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) are expected to jointly oversee the regime.

Nano Labs expressed that it is eager to participate in the transformation of Hong Kong into a digital asset hub with secure and compliant stablecoin infrastructure, particularly focusing on currencies that are central to Asian markets.

Several other companies are hoping to apply for licensing once the stablecoins bill is in effect. Ant Group International, the overseas arm of Alibaba-backed Ant Group, has also confirmed that it plans to apply for a stablecoin license under the new regime.

Standard Chartered Hong Kong, Animoca Brands, and the telecom giant HKT have already formed a joint venture to create an HKD-backed stablecoin. Their initiative was announced in February 2025, and the company has declared its intent to apply for a license once the framework takes effect.

The stablecoins will launch on Bitcoin and Binance networks

In addition to its licensing plans, Nano Labs revealed its intent to support stablecoin issuance through robust blockchain infrastructure.

According to its announcement, the company aims to build a technical framework tailored to stablecoins that will make use of existing blockchain ecosystems, particularly the Bitcoin network and Binance Smart Chain (BNB Chain).

This framework is expected to address critical technical issues such as token issuance, smart contract security, cross-chain interoperability, and transparent reserve verification systems. By using trusted and widely adopted blockchain networks, Nano Labs intends to offer a high-performance infrastructure for stablecoins available to retail users and institutional clients.

Nano Labs has not yet disclosed the names of its partners in the planned licensing and technical projects, but hinted at forming “strategic partnerships” that we can assume will be in the fintech and digital asset sectors. These could include banks, payment service providers, and decentralized finance (DeFi) platforms looking to integrate stablecoin payment rails into their offerings.

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