Hong Kong’s first batch of stablecoin issuer licenses was originally set to be issued in March 2026, but it did not roll out as scheduled. The Hong Kong Monetary Authority said it is moving forward with the licensing process, and the market is watching the application status of HSBC and Standard Chartered. Among the applications for the second batch of licenses, Futu Securities and OSL Group are strong contenders.

Futu Holdings has announced that its wholly-owned Cheetah Trading Platform has obtained comprehensive licenses and officially commenced operations, becoming Hong Kong's first licensed virtual asset trading platform operated by a brokerage. The platform will integrate deeply with Futu Securities to provide comprehensive financial services.

Futu Holdings' Q3 2025 financial report shows total revenue reached HKD 6.403 billion, a year-on-year rise of 86.3%; net profit was HKD 3.312 billion, up 136.9%. The platform's virtual asset trading volume increased by 161% quarter-on-quarter, and the number of users rose by 87%. At the same time, it participated in the Central Bank digital currency project and launched the Huaxia Solana ETF.

Huaxia Fund (Hong Kong) has partnered with Bank of China Hong Kong, Futu Securities, and Standard Chartered Hong Kong to complete a tokenization fund subscription pilot under the Hong Kong Monetary Authority's Ensemble project. This pilot achieved successful interbank transfers of tokenized deposits and the subscription of money market funds, promoting the development of tokenized deposits and digital asset trading.