Fosun Group bets on stablecoins

Author: Martin

An industry giant with total assets of nearly 800 billion has officially joined the stablecoin race. The founder personally led the team to meet with two of Hong Kong's top financial officials in one day.

On August 6, 2025, Fosun International founder Guo Guangchang personally led the company's stablecoin team backbones and senior executives to visit the Chief Executive of the Hong Kong Special Administrative Region, John Lee, and Financial Secretary Paul Chan Mo-po in one day.As the direct superior institution of the Hong Kong Monetary Authority, the Financial Secretary plays a key role in the approval of stablecoin licenses! Behind this efficient meeting was a strategic business decision: Fosun has decided to apply for a stablecoin license in Hong Kong and has assembled a complete application team. Behind this is a new financial game worth hundreds of billions of dollars. The capital market reacted swiftly to the news, sending waves through the Hong Kong stock market in the afternoon of August 12th. Fosun International (0656.HK)'s share price soared by more than 20% and maintained a 13.3% increase at the close. Its market value surged by nearly HK$6 billion in a single day, setting a new high since March 2023. The trading volume on the day increased to over HK$300 million. Fosun International's latest market value reached HK$50.3 billion. 1. A Giant's Ticket to the Market In August, Hong Kong's fintech sector was surging. Six days after the Stablecoin Ordinance officially came into effect, Fosun founder Guo Guangchang personally led a delegation to the core office area of the Hong Kong SAR government. This was no ordinary business visit; rather, it was a pivotal move for Fosun's future fintech landscape. Fosun's investment in a stablecoin license was no spur-of-the-moment decision. Unlike its other businesses in Hong Kong, founder Guo Guangchang appeared particularly committed to this initiative. His personal visit to two of Hong Kong's top financial officials was a rare occurrence in the typically low-key financial license application process.  

As the direct superior of the Hong Kong Monetary Authority (HKMA), the regulatory body for approving stablecoin licenses, the Hong Kong Financial Secretary met at a critical time window for applications for stablecoin licenses in Hong Kong.  

According to the Hong Kong Monetary Authority's schedule, after the Hong Kong government releases the stablecoin application guidelines at the end of July, institutions intending to apply for a license can formally establish contact with the HKMA and other institutions after August 1, and all application materials must be formally submitted before September 30. Fosun's digital asset strategy has long been evident. Its subsidiary, Fosun Wealth, has already entered the Web3 business through its Star Road technology platform, participated in the distribution of China Asset Management's money market fund tokenized products, and developed a real asset tokenization (RWA) platform. On July 21st, Fosun Wealth submitted trademark registration applications for "Star Coin" and "FosunWealth RWA" in Hong Kong, laying the groundwork for its stablecoin business. This series of moves demonstrates that Fosun is accelerating its stablecoin strategy and striving to secure a favorable position in the issuance of the first batch of Hong Kong stablecoin licenses.

II. Enthusiastic Response from the Capital Market

Behind Fosun's major move lies the explosive growth of the global stablecoin market. As of July 2025, the total market capitalization of global stablecoins has exceeded US$250 billion, an increase of over 1,100% compared to 2020, with an annual transaction volume reaching US$36.3 trillion, surpassing the combined transaction volume of Visa and Mastercard for the first time.

The market reaction to Fosun's entry into stablecoins was swift and strong. In the afternoon trading session on August 12, Fosun International's share price soared, reaching a peak increase of over 20% to HK$6.44. Trading volume increased significantly that day, with turnover exceeding HK$300 million, demonstrating investors' high recognition of this strategic transformation. Fosun International's listed companies also performed strongly, with Fosun Pharma's H-shares surging 9.4% in early trading, marking the largest single-day gain in recent times. While Fosun Pharma's gains were partly due to its $120 million licensing agreement with US biotech company Expedition, the collective share price movement of Fosun Group companies reflects the market's positive expectations for the group's overall strategic transformation. Fosun's performance in the capital market has been impressive this year. As of early August, Fosun Pharma's H-shares had risen by over 40%, far exceeding the 10% increase in its A-shares over the same period and significantly outperforming the Hang Seng Hong Kong-listed Biotech Index. III. The Exploding Global Stablecoin Market Fosun's decision to enter the stablecoin market is based on a thriving global market. By 2025, the total global stablecoin market capitalization had exceeded US$250 billion, an increase of over 1,100% compared to 2020. This market is characterized by a clear duopoly, with USDT and USDC, the two major stablecoins, accounting for a combined 86.5% of the market. However, this landscape is quietly shifting.  

USDC's growth rate reached an astonishing 40.9% in 2025. Based on this growth rate, USDC is expected to surpass USDT around 2030 and become the world's largest stablecoin.

From the perspective of application scenarios, stablecoins have been upgraded from crypto asset trading tools to new global financial infrastructure:

• Cross-border payment field: Mexico will receive as much as US$63.3 billion in remittances through stablecoins in 2023, almost accounting for its total remittance inflow

• Global salary payment: Users in high-inflation countries such as Argentina and Turkey use stablecoins as a hedge against "digital dollars"

• Supply chain finance: Enterprises use stablecoins for cross-border payments, reducing settlement time from 3 days to 5 minutes, saving about 1.2% in fees per transaction

• Tokenization of real assets (RWA): Boston Consulting Group predicts that the RWA market size will reach US$16 trillion by 2030. Even more astounding is the scale of stablecoin applications. Annual on-chain transactions total $36.3 trillion, surpassing the combined annual transactions of traditional payment giants like Visa and Mastercard, making them the new cornerstone of the global payment network. Looking at user scale, the number of monthly active stablecoin addresses worldwide has exceeded 30 million, and the total number of addresses holding stablecoins has surpassed 168 million. The proportion of transactions driven by real users has increased from less than 15% in 2023 to approximately 22% today, and the user base is gradually shifting from arbitrage bots to businesses and retail investors. Fosun's Digital Asset Strategy: Fosun Group boasts 796.5 billion yuan in assets, with businesses spanning consumer goods, wealth management, healthcare, and other sectors. With several listed entities in Hong Kong, including Fosun Pharma and Fosun Tourism & Culture, these entities offer a rich landscape for stablecoin applications. Fosun's foray into stablecoins isn't starting from scratch. Fosun Wealth International Holdings, Fosun's Hong Kong-based wealth management arm, has already dabbled in Web3. Public information shows that Fosun Wealth participated in the distribution of three tokenized money market funds launched by China Asset Management, accumulating valuable industry experience. Star Road Technology, a subsidiary of Fosun Wealth, offers virtual asset products in addition to traditional financial products through its independently developed platform. This year, the company launched a platform for issuing RWA (real-world asset) products. RWA uses blockchain technology to tokenize real-world assets, including hotel leases, photovoltaic power generation, stocks, bonds, and commodities, enabling them to be traded, managed, and circulated on the blockchain. In July, Fosun Wealth submitted trademark registration applications for "Xingbi" and "FosunWealthRWA" in Hong Kong, laying the brand foundation for its stablecoin business.  

Fosun’s unique advantages in the stablecoin field may lie in:

1. Rich industrial ecology: sectors such as medical care, tourism, and consumption can form a closed loop of stablecoin applications

2. Cross-border business layout: Fosun’s global business network naturally requires efficient cross-border payment tools

3. RWA first-mover advantage: its subsidiary Star Road Technology already has the ability to tokenize real assets

The market expects that Fosun may be the first to launch stablecoin applications in the following areas:

• Medical and health payment: Integrate with Fosun’s pharmaceutical ecosystem to build a medical and health payment system

• Tourism consumption scenario: Implement stablecoin payments in resorts and hotels under Fosun Tourism Culture

• Cross-border trade settlement: Providing efficient settlement tools for Fosun's global supply chain. • Asset tokenization platform: Tokenizing Fosun's real estate, hotels, and other assets. Fosun Wealth CEO Cheng Kang stated at the end of 2024 that Star Road Technology is a key component of Fosun Group's financial technology strategy, covering over 200 clients and committed to promoting the development of the web3 virtual asset ecosystem. This statement now appears to be a prelude to the Fumobi strategy. V. Hong Kong's Strategic Position, Stability, Challenges, and Future As an international financial center, Hong Kong is actively promoting innovation in its virtual asset regulatory system, attracting the attention of global capital. The Hong Kong Stablecoin License is the world's first comprehensive regulatory framework for fiat-pegged stablecoins. In terms of regulatory design, Hong Kong requires 100% segregated custody of stablecoin reserves to ensure the security of user funds. This strict and clear regulatory framework provides institutional guarantees for financial institutions to participate in stablecoin business. Hong Kong media reports indicate that several international financial institutions and technology giants are actively developing stablecoins in Hong Kong, with application scenarios covering cross-border payments, investment transactions, and consumer settlements. As a major Chinese company listed in Hong Kong, Fosun owns several Hong Kong-listed subsidiaries, including Fosun Pharma and Fosun Tourism & Culture. Its deep experience in the Hong Kong financial market provides a unique advantage in its application for a stablecoin license. Fosun needs to demonstrate the following key capabilities for issuing stablecoins: • Reserve asset management capabilities: ensuring 100% reserve adequacy and high liquidity • Risk control systems: preventing extreme situations such as bank runs • Compliance operational capabilities: meeting the strict regulatory requirements of the Hong Kong Monetary Authority Guo Guangchang personally led a delegation to visit senior Hong Kong government officials, demonstrating to regulators Fosun's emphasis on and commitment to compliance. This high-level communication could become a significant competitive advantage for Fosun at the critical juncture of its license application. From a global perspective, stablecoins are becoming a new battlefield in the financial competition among major powers. Citigroup predicts that the market size of stablecoins could reach US$3.7 trillion by 2030. Hong Kong's pilot participation in standard setting can prevent the US dollar system from fully dominating the digital financial order. While the stablecoin market holds great promise, it still faces multiple challenges. 70-80% of stablecoin transactions may be made up of bots and internal transfers within exchanges, and the true scale of usage remains to be further verified. Transparency issues have also plagued the industry. Some major stablecoins have yet to publish complete audit reports. Reserve asset structure and risk exposure have long been a source of market controversy. USDT previously experienced a depegging due to insufficient reserves, and market confidence in its redemption remains skeptical. Differences in regulatory policies across countries further complicate global operations. The GENIUS Act, currently underway in the United States, clarifies that stablecoins are not securities, prohibits algorithmic stablecoins, and requires that reserves be 100% of highly liquid assets. If fully enacted, this will profoundly impact the operational logic and global compliance structure of existing stablecoins. Despite this, the future opportunities for stablecoins remain compelling: • Traditional financial institutions and tech giants are entering the market, with payment giants already introducing stablecoins for B2B settlements. • Users in high-inflation regions view stablecoins as a safe haven against a "digital dollar," and demand is strong in emerging markets. • Stablecoins are becoming the core infrastructure connecting DeFi and RWA, unlocking a trillion-dollar market. • Non-USD stablecoins are in their early stages of development. The Euro stablecoin has a market capitalization of only $490 million, while the Japanese Yen and British Pound are even smaller, presenting enormous potential for future growth. With only six weeks left until the September 30th deadline for applications for Hong Kong's stablecoin license, the capital market has already voted in favor of Guo Guangchang's decision with a 20% surge. JD.com, Standard Chartered, and other institutions have already taken the lead in the Hong Kong Monetary Authority's initial stablecoin sandbox testing program. Fosun, with its diverse ecosystem spanning health, consumer spending, and tourism, could potentially close the loop from consumer use cases to financial services and build a Fosun ecosystem based on the "Star Coin" once it successfully obtains a license. Of the global stablecoin market's over $250 billion in market capitalization, non-US dollar stablecoins account for less than 1%. When Fosun's "Star Coin" finally launches, it will not only carry the transformational dreams of one company, but also potentially become the crypto cornerstone of Hong Kong's efforts to reshape its status as an international financial center. The boundaries between traditional finance and crypto assets are gradually dissolving under the footsteps of these giants. The global stablecoin market is booming at a rate exceeding 40% per year. The core range for stablecoin transaction volume in 2025 is: a global total of approximately US$10 trillion (conservative) to US$35 trillion (on-chain transfers), with Hong Kong accounting for US$1.5 trillion (accounting for 15% of global cross-border payments). As traditional industry giants meet the new wave of financial technology, Fosun's venture may determine its new position in the digital economy era.