On 8 July, Hong Kong–listed stablecoin plays erupted. Goldstream Investment Limited (01328.HK) surged as much as 650 percent intraday, igniting the entire segment. Brokerages, fintech outfits and digital-asset platforms quickly followed suit. At the same time, the Hong Kong Stablecoin Ordinance is entering its final countdown, while the U.S. GENIUS Act is advancing swiftly through Congress. These twin regulatory signals have investors chasing “compliance alpha,” making the stablecoin theme one of the most imaginative stories in Hong Kong’s summer market.

Sector Ignites: Brokerages and Tech Stocks Rally in Unison

Powered by its collaboration with AnchorX to launch the offshore-renminbi stablecoin AxCNH, Goldstream locked in a nine-year price record and still closed up more than 533 percent. Guotai Junan International Holdings Limited (01788.HK) jumped 28 percent into the close; Victory Securities (Holdings) Company Limited (08540.HK) gained 33 percent; Shenwan Hongyuan (H.K.) Limited and Bright Smart Securities & Commodities Group Limited advanced roughly 19 percent and 15 percent, respectively. The crypto-technology lane also shone: OSL Group (00863.HK) spiked 15 percent intraday, Dmall Inc. (02405.HK) closed more than 10 percent higher, and Linklogis Technology-W (09959.HK) added 7 percent. The market increasingly views these firms as “potential licensees” or “in-ecosystem suppliers,” drawing in fast-moving capital.

Two-Engine Regulation: Pricier Hong Kong Licences, Faster U.S. Legislation

Set to take effect on 1 August, the Hong Kong Stablecoin Ordinance will issue only a single-digit number of initial issuance and custody licences. It requires issuers to hold fully matched, highly liquid reserves, undergo audits, and submit to comprehensive AML/KYC oversight—dramatically elevating franchise value. In the United States, the Senate passed the GENIUS Act on 17 June by 68 to 30; the House is expected to give final approval during next week’s “Crypto Week.” If enacted, U.S. dollar stablecoins would enter their “compliance year one,” dovetailing with Hong Kong’s regional framework. This “dual-regulation resonance” has the market betting that cross-border payments, asset custody and trade-settlement use-cases will deliver the first wave of volume upside, driving a rerating of related Hong Kong shares.

Scale and Headwinds: Capitalisation Nears USD 260 Billion as Transparency Becomes the Decider

According to DeFiLlama, the global stablecoin market-cap has climbed to USD 255.4 billion this year, up roughly 15 percent; USDT retains a 62.4 percent share, while USDC has expanded rapidly to USD 62 billion. Fueled by ETF creations-and-redemptions, cross-border settlement and on-chain lending, stablecoins are rapidly evolving from trading chips into “infrastructure” for digital finance.

Yet the Bank for International Settlements and other regulators warn that opaque reserves, imperfect AML controls and potential run risk remain a sword of Damocles over the sector. Higher licence thresholds will force issuers to reinforce reserves, submit to on-chain audits and purge high-risk projects lacking genuine asset backing.