OSL Group, Hong Kong’s first licensed digital asset exchange, said Friday it will raise HK$2.36 billion (about US$300 million) to fund acquisitions, global expansion, and a major push into stablecoin and payment infrastructure.

Roughly HK$700 million, or 30 of proceeds, will go toward “global business and new business initiatives, including payment and stablecoin initiatives,” according to a filing with the Hong Kong Stock Exchange.

“Our vision, a world where every person and business has trusted access to crypto, is more relevant than ever,” it said in the filing.

OSL shares have climbed nearly 88 since late January, rising from HK$9.12 to a peak of HK$20.30 (US$2.60) in mid-July, per Google Finance data. The stock last closed at HK$17.14 (US$2.20) on July 25, with all new shares across the deal priced at HK$14.90, a fixed subscription price set at a 15.3 discount to Thursday’s close.

Hong Kong’s stablecoin bill

OSL’s timing is no coincidence. Hong Kong’s stablecoin bill is set to take effect next week, and a licensing regime for OTC crypto trading is expected before year-end.

The stablecoin bill, passed earlier in May by the city’s Legislative Council, will introduce a licensing framework for fiat-referenced stablecoins issued to the public in Hong Kong.

Hong Kong is likely to accelerate blockchain adoption in the coming years, producing ample opportunities for those in the space,” Peter Chung, who heads research at quantitative trading firm Presto Labs, told Decrypt.

Consequently, OSL appears to be “taking full advantage of its status” as a listed company to raise capital publicly and capture growth, he added. “Having ammunition” for such opportunities is strategic and seems to be the “smart thing to do,” Chung said.

Chung’s view echoes a broader market sentiment that Hong Kong’s regulatory clarity is driving a shift from experimentation to execution, a view shared by other licensed firms like Hex Trust.

“It’s encouraging to see licensed firms in Hong Kong putting stablecoin development on the roadmap,” Giorgia Pellizzari, head of custody at Hex Trust, told Decrypt. “There’s a real need for stablecoins that meet regulatory standards and integrate smoothly with existing financial infrastructure.”

Stablecoins, Pellizzari said, aren‘t just payment tools, but serve as “a bridge for broader digital asset use cases,” including settlement, tokenization, and on-chain liquidity.

Jakob Kronbichler, CEO of decentralized credit protocol Clearpool, takes a similar view, pointing to stablecoins‘ growing role in capital and credit markets.

“Once a crypto-native tool, stablecoins have now evolved into core financial infrastructure for payments, liquidity, and capital movement,” Kronbichler told Decrypt.

With Hong Kong’s regulatory framework taking shape, Kronbichler said institutions are turning to stablecoin infrastructure to streamline credit, funding, and other financial services beyond payments.

“This is where the next wave of stablecoin utility will emerge,” he said.

OSL expects to complete the issuance by mid-August, pending regulatory approval. Trading was briefly halted Friday ahead of the announcement, in line with listing rules.

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