FINANCE

Hong Kong Pauses Retail E-HKD to Focus on Wholesale Use

Published: Oct. 30, 2025 6:39 p.m. GMT+8

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Hong Kong’s central bank is pausing the expansion of its digital currency for retail use, shifting its focus to wholesale applications, according to a Tuesday statement.

The Hong Kong Monetary Authority (HKMA) has concluded that “the immediate priority for the e-HKD lies in areas beyond retail use cases at this stage,” the statement said, noting that the central bank will hence prioritize future e-HKD work in wholesale payments.

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Hong Kong’s central bank is pausing e-HKD retail expansion, focusing on wholesale digital currency applications.
The HKMA aims to create a full digital currency framework supporting both e-HKD and private digital money, with wholesale e-HKD used in cross-border payments and tokenized bonds.
Nine banks pilot wholesale e-HKD; 36 stablecoin license applicants, but JD.com and Ant Group have withdrawn from the process.

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Who’s Who

JD.com Inc.: JD.com Inc. is an internet giant, and an entity linked to the company dropped out of the race for Hong Kong's first batch of stablecoin licenses.

Ant Group Co. Ltd.: Ant Group Co. Ltd. is mentioned in the article as an entity linked to internet giants. It, along with JD.com Inc., has withdrawn from the application process for Hong Kong's initial stablecoin licenses. This indicates a decision by Ant Group to not pursue stablecoin issuance in Hong Kong at this time.

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What Happened When

August 2025：: Hong Kong's Stablecoins Ordinance was implemented.

By September 30, 2025：: The application period for the first batch of issuer licenses for stablecoins closed, with 36 applicants.

October 28, 2025：: The Hong Kong Monetary Authority (HKMA) issued a statement announcing a pause in the expansion of its digital currency for retail use and a shift in focus to wholesale applications.

October 30, 2025：: HKMA Chief Executive Eddie Yue wrote an article stating a new blueprint for Hong Kong's fintech development will be unveiled the following week.

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