The global digital economy is undergoing a transformative phase, driven by regulatory advancements in digital assets and explosive demand for artificial intelligence (AI) computing power. Hong Kong’s recent policy upgrades signal a pivotal shift from experimental frameworks to full-scale implementation in its digital asset strategy, while tech giants and cloud providers accelerate infrastructure investments to meet soaring AI workloads. This convergence presents compelling opportunities in two key sectors: stablecoins, real-world asset (RWA) tokenization, and AI-driven compute infrastructure.
Regulatory Momentum for Stablecoins in Hong Kong
Hong Kong has taken a decisive step forward with the release of the Hong Kong Digital Assets Development Policy Declaration 2.0, marking the transition from pilot programs to active deployment of digital asset ecosystems. The updated framework outlines a comprehensive roadmap to establish Hong Kong as a global leader in digital finance through strategic regulatory reforms.
Key pillars of the declaration include:
- Unified regulatory framework: Covering virtual asset exchanges, stablecoin issuers, custodians, and transaction service providers.
- Routine issuance of tokenized government bonds: Expanding into broader financial instruments and real-world assets such as precious metals, industrial commodities, and renewable energy credits.
- Stablecoin licensing regime: Set to take effect on August 1, this will formalize issuance standards and promote real-world use cases.
- Talent development and international collaboration: Supporting joint research initiatives and regulatory coordination across jurisdictions.
This evolution reflects a broader vision that extends beyond cryptocurrencies to encompass the tokenization of tangible economic value. As regulatory clarity improves, stablecoins and RWA tokenization are poised for accelerated adoption, creating new channels for capital flow, liquidity, and financial innovation.
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Institutional Adoption Accelerates with Brokerage Expansion
A major milestone was reached when Guotai Junan International became the first mainland Chinese brokerage in Hong Kong to upgrade its license to offer comprehensive virtual asset trading services. Approved by the Securities and Futures Commission (SFC) on June 24, the firm can now facilitate direct trading of major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and stablecoins such as Tether (USDT) on its platform.
This landmark approval signals the beginning of a broader brokerage license upgrade wave, as more traditional financial institutions seek to integrate digital assets into their offerings. Other local brokers — including Victory Securities and APAC Holdings — have also advanced their licensing, indicating growing institutional confidence.
The expansion of virtual asset trading capabilities within established financial channels enhances market credibility, improves investor access, and strengthens the overall ecosystem. For fintech enablers and IT infrastructure providers serving these institutions, this trend opens up significant growth potential.
Global Perspective: BIS Recognizes Tokenization Despite Stablecoin Risks
While enthusiasm grows, caution remains. The Bank for International Settlements (BIS) issued a warning in its Annual Economic Report 2025, highlighting that most stablecoins fail critical tests of monetary robustness — namely singularity, elasticity, and completeness. Concerns include threats to monetary sovereignty, lack of transparency, and risks of capital flight in emerging markets.
However, the BIS did not dismiss the underlying technology. It affirmed the transformative potential of tokenization in areas like cross-border payments and securities settlement. The report advocates for national central banks to accelerate the tokenization of sovereign currencies and public debt, proposing that platforms built on central bank reserves, commercial bank money, and government bonds could form the backbone of next-generation financial systems.
This nuanced stance underscores a global consensus: while unregulated stablecoins pose systemic risks, well-governed digital assets represent an inevitable evolution of finance.
Soaring AI Demand Fuels Compute Infrastructure Boom
Parallel to regulatory progress in digital assets, the AI revolution is driving unprecedented demand for computational power. Inference workloads — where trained models generate real-time outputs — are growing exponentially, pushing cloud providers and chipmakers to scale infrastructure rapidly.
Google’s AI Overviews feature alone drove its monthly inference token consumption to 480 trillion in April 2025, a 50x increase year-over-year. Similarly, ByteDance’s DouBao large model saw daily token usage surge from 4 trillion in December 2024 to 16.4 trillion by May 2025, largely fueled by AI-generated content (AIGC) across TikTok and Toutiao.
Enterprise applications are intensifying this trend. AI agents handling complex tasks — such as supply chain optimization or financial reporting — now consume tokens at scales reaching hundreds of thousands per query, with multi-agent systems surpassing one million tokens per session.
ASICs Rise as Cost-Efficient Engines of AI Growth
To meet this demand efficiently, hyperscalers are turning to custom silicon. Application-Specific Integrated Circuits (ASICs) offer superior performance-per-watt and lower operational costs compared to general-purpose GPUs.
Marvell, a key supplier to AWS, Microsoft Azure, Google Cloud, and Meta, reported that its custom AI chips significantly reduce per-token inference costs while alleviating supply constraints linked to GPU shortages. As a result, Marvell raised its 2028 data center market size forecast to $94 billion, up 26% from earlier estimates, with custom compute chips (XPU and related components) seeing a 37% upward revision.
Broadcom is another major player gaining momentum. The company recorded over **$4.4 billion in AI revenue** in Q2 FY2025, with projections reaching $5.1 billion in Q3 — marking ten consecutive quarters of growth. Deployment of next-generation XPUs is expected to accelerate beyond prior guidance.
These trends confirm that the AI compute supply chain is evolving rapidly, with specialized hardware becoming central to scalability and profitability in the AI era.
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Frequently Asked Questions (FAQ)
Q: What are stablecoins and why are they important?
A: Stablecoins are digital currencies pegged to traditional assets like the U.S. dollar. They enable fast, low-cost transactions across blockchains and serve as bridges between fiat and crypto economies. Their importance lies in providing stability, liquidity, and programmability in decentralized finance (DeFi) and global payments.
Q: How does RWA tokenization work?
A: Real-world asset (RWA) tokenization involves converting physical or financial assets — such as bonds, real estate, or commodities — into blockchain-based digital tokens. Each token represents ownership or claims on the underlying asset, enabling fractional ownership, 24/7 trading, and automated compliance.
Q: Why is inference compute demand growing so fast?
A: Inference — using trained AI models to generate responses — powers consumer apps like search engines, chatbots, and content generators. As these tools become mainstream and enterprises deploy AI agents for complex workflows, the volume and complexity of inference requests have surged dramatically.
Q: Are ASICs replacing GPUs in AI computing?
A: Not entirely. GPUs remain dominant in model training due to their flexibility. However, ASICs are increasingly favored for inference due to their energy efficiency and cost-effectiveness at scale. Cloud providers are adopting hybrid architectures using both technologies.
Q: What role do brokers play in the crypto ecosystem?
A: Traditional brokers entering crypto bring trust, compliance expertise, and client access. By offering regulated trading services for digital assets, they help institutionalize the market and expand participation among retail and professional investors.
Q: Is Hong Kong becoming a global crypto hub?
A: Yes. With clear regulations, progressive policies like mandatory licensing for stablecoin issuers, support for tokenized government bonds, and growing institutional adoption, Hong Kong is positioning itself as Asia’s premier gateway for compliant digital asset innovation.
Conclusion: A Convergence of Innovation and Regulation
The dual engines of digital asset regulation and AI compute expansion are reshaping the technological and financial landscape. Hong Kong’s policy leadership in stablecoins and RWA tokenization sets a benchmark for balanced innovation, while global infrastructure investment ensures that AI can scale responsibly.
As these trends converge, opportunities emerge not only for investors but also for developers, institutions, and enterprises ready to leverage secure, scalable, and transparent digital ecosystems.
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