OSL Group Limited

https://www.osl.com/en

OSL Group Limited, operating under the brand name OSL, is a Hong Kong-based publicly listed company specializing in digital assets and blockchain platforms. The company aims to provide compliant and efficient digital financial infrastructure services globally, enabling enterprises, financial institutions, and individuals to seamlessly exchange, pay, trade, and settle between fiat and digital currencies. Headquartered in Causeway Bay, Hong Kong, OSL is committed to building a secure, open, and licensed ecosystem that connects global markets for instant and compliant value movement worldwide. [1, 5, 7, 8, 21, 26]

OSL offers a comprehensive suite of services including brokerage, digital asset exchange, over-the-counter (OTC) trading, and digital asset custody. Key offerings include OSL Global for international trading of stablecoins and major cryptocurrencies like BTC, ETH, and SOL, OSL BizPay for regulated white-label payment solutions, and USDGO, an enterprise stablecoin. The company also provides Software-as-a-Service (SaaS) solutions and acts as a sub-custodian for Hong Kong spot Crypto ETFs, catering to institutional, professional, and retail investors across Hong Kong, Australia, Japan, Singapore, and Mainland China. [1, 2, 5, 7, 8, 12, 21, 23, 26]

Formerly known as BC Technology Group Limited, the company rebranded to OSL Group Limited in January 2024. OSL is recognized as the world's first insured and SFC-licensed digital asset platform in Hong Kong, having secured its initial license in December 2020 and later approval for retail cryptocurrency exchanges in August 2023. Recent developments include a partnership with Circle in April 2026 to expand USDC access globally and the dual-listing of Matrixdock Gold and Silver Tokens in Hong Kong. In 2024, the company achieved positive profit and reported a 73% year-on-year increase in digital asset market business revenue, with stablecoin activity accounting for 60% of its surging platform trading volume. Song Cui serves as the CEO. [1, 2, 5, 7, 8, 11, 18, 23]

Latest updates

OSL Integrates USDC, Expands Access to Tokenized Money Market Funds

Event summary

  • OSL Group (HKEX: 863) has partnered with Circle to expand access to USDC across its trading and payments platforms, particularly through OSL Global.
  • OSL Global now offers 1:1 USD/USDC conversions and a dedicated USDC trading zone with BTC, ETH, SOL, USD, and USDT pairs.
  • USDC is being utilized as a unified margin asset on OSL Global, and integrated into OSL’s payment business for compliant digital dollar settlements.
  • OSL will support access to Circle’s USYC, a Tokenized Money Market Fund (TMMF), pending regulatory approval.

The big picture

This partnership signals a growing trend of established financial platforms integrating stablecoins to enhance capital efficiency and expand global reach. By leveraging USDC, OSL aims to solidify its position as a key infrastructure provider in the digital asset space, particularly within the Asia-Pacific region. The move also underscores Circle’s strategy of expanding USDC adoption beyond its core user base and into institutional trading environments.

What we're watching

Regulatory Scrutiny
The integration of USYC is contingent on regulatory approval, which could delay or alter the scope of OSL's offerings and expose them to increased compliance costs.
Liquidity Dynamics
The success of this partnership hinges on attracting sufficient trading volume within the USDC trading zone, which will determine the viability of OSL's new offerings and impact Circle's USDC liquidity pool.
Competitive Landscape
The expansion of USDC access will intensify competition among digital asset trading platforms in Hong Kong and globally, potentially pressuring margins and requiring OSL to differentiate its services further.

OSL Dual-Lists Precious Metal Tokens, Expanding Hong Kong RWA Ecosystem

Event summary

  • OSL Group, a Hong Kong-licensed digital asset exchange (HKEX:863), has listed Matrixdock Gold (XAUm) and Matrixdock Silver (XAGm) tokens.
  • The tokens will be available for trading in USD, USDT, and USDC via OTC channels.
  • This marks the first time a compliant digital asset platform in Hong Kong has listed a silver token (XAGm) and offered simultaneous access to both gold and silver tokens.
  • The underlying precious metals adhere to LBMA delivery standards and are stored within an LBMA-certified ecosystem.
  • OSL and Matrixdock plan to deepen collaboration on research, investor education, and product innovation.

The big picture

OSL's move signals a growing institutional interest in tokenized precious metals, particularly in the Asian market. The dual-listing of gold and silver tokens represents a deliberate effort to move beyond single-asset exposure and foster a more diversified on-chain commodity market. This expansion positions OSL as a key player in the nascent RWA ecosystem, but also exposes them to regulatory and liquidity risks inherent in this emerging asset class.

What we're watching

Regulatory Scrutiny
Increased regulatory attention on RWA tokenization and custody practices could impact OSL's ability to expand its offerings and maintain compliance.
Liquidity Dynamics
The success of the dual-listing hinges on attracting sufficient institutional liquidity, which will be crucial for establishing a viable market for silver-backed tokens.
Competitive Landscape
The emergence of other RWA tokenization platforms will likely intensify competition for market share and necessitate ongoing innovation in product structures and services.

OSL's USDGO Stablecoin Surpasses $100 Million in Circulation, Attracts Goldman Sachs Backing

Event summary

  • OSL's USDGO stablecoin has reached a circulating supply of US$130 million, just two months after its launch with US$50 million in initial liquidity.
  • The Goldman Sachs Stablecoin Reserves Fund (STBXX) has been added to USDGO's reserve assets, alongside BlackRock's USD Institutional Digital Liquidity Fund (BUIDL).
  • OSL has rebranded its 'GO Alliance' to the 'Stable Alliance,' expanding its focus to a broader range of enterprises and ecosystems.
  • USDGO operates under the GENIUS Act regulatory framework and is backed 1:1 by high-quality liquid assets, subject to third-party audits.

The big picture

The rapid growth of USDGO, backed by major financial institutions like Goldman Sachs and BlackRock, underscores the increasing institutional interest in compliant stablecoins as a bridge between traditional finance and the digital asset space. This validates OSL’s strategy of focusing on regulatory compliance and building a comprehensive ecosystem around its stablecoin offering, positioning it to capitalize on the growing demand for enterprise-grade digital asset solutions. The rebranding of the GO Alliance to the Stable Alliance signals a broader ambition to become a central player in the evolving stablecoin landscape.

What we're watching

Governance Dynamics
The inclusion of Goldman Sachs’ fund signals increased institutional validation, but also introduces potential conflicts of interest and governance complexities that will need to be managed.
Regulatory Headwinds
Continued adherence to the GENIUS Act and potential future regulatory changes will be critical for USDGO’s long-term viability and OSL’s ability to scale.
Execution Risk
The success of the Stable Alliance will depend on OSL’s ability to effectively coordinate and collaborate with diverse commercial institutions, which could prove challenging.

Hong Kong Greenlights Stablecoin Issuers, Boosting OSL's Ecosystem Play

Event summary

  • The Hong Kong Monetary Authority (HKMA) has issued the first stablecoin issuer licenses in Hong Kong.
  • OSL Group (863.HK) is positioning itself as a key participant in the newly compliant stablecoin ecosystem.
  • In 2025, OSL completed a strategic brand upgrade focused on stablecoin trading and payments, including acquiring Banxa and launching USDGO.
  • OSL has integrated travel rule solutions into its infrastructure to facilitate compliant value movement.

The big picture

Hong Kong’s move to regulate stablecoins signals its ambition to remain a leading financial hub in the digital asset space. OSL’s proactive approach to compliance and its recent investments in payment infrastructure position it to capitalize on this opportunity, but the company faces increased competition and regulatory scrutiny as the market matures. The licensing framework will likely attract further investment and innovation into the region’s digital asset sector.

What we're watching

Regulatory Scrutiny
The success of Hong Kong’s stablecoin ecosystem hinges on the HKMA’s ongoing oversight and ability to adapt regulations as the market evolves, potentially creating headwinds if standards tighten.
Competitive Landscape
The entrance of licensed stablecoin issuers will intensify competition for OSL, requiring the company to demonstrate a sustainable competitive advantage beyond its existing infrastructure and licenses.
Adoption Rate
The pace at which institutional clients and the broader market adopt USDGO and OSL’s payment services will determine the platform’s long-term revenue growth and profitability.

OSL Group Triples Income, Doubles Down on Stablecoin Payments

Event summary

  • OSL Group (863.HK) reported record-high total revenue in 2025, up 30.4% year-over-year to HK$489 million.
  • Core operating income surged 150.1% year-over-year, reaching HK$534 million.
  • Stablecoin trading volume now accounts for 60% of total transaction volume, up from a previous, unstated baseline.
  • The company has expanded its global footprint, with 67% of income now derived from overseas markets.
  • OSL acquired Web3 payment service provider Banxa in January 2026 and launched USDGO, a compliant enterprise stablecoin, in February 2026.

The big picture

OSL's strategic pivot to a stablecoin-centric platform reflects the broader industry shift towards digital currencies as a foundation for financial infrastructure. The company's aggressive expansion and acquisition strategy position it to capitalize on this trend, but also expose it to regulatory and competitive risks. The company's reliance on overseas markets also introduces currency and geopolitical risks.

What we're watching

Regulatory Scrutiny
Increased regulatory scrutiny of stablecoins globally could impact OSL's ability to expand its USDGO offering and maintain its compliance-first approach, potentially slowing growth in key markets.
AI Integration
The success of OSL's 'Agentic Payments' initiative, leveraging AI to scale transaction volumes, will be a key determinant of future revenue growth and competitive advantage.
Profitability
While revenue growth is impressive, OSL's current net loss indicates a need to optimize operational efficiency and demonstrate a clear path to sustainable profitability, particularly given increased investment in technology and personnel.

CoinPayments Accelerates APAC Push via OSL Partnership

Event summary

  • CoinPayments, a cryptocurrency payment gateway, has partnered with OSL Group, a stablecoin trading and payment platform, to expand in Asia.
  • The partnership provides CoinPayments with access to OSL’s local payment infrastructure and fiat off-ramping capabilities.
  • Alexander von Kaldenberg was recently appointed Head of Strategic Partnerships for Asia at CoinPayments.
  • OSL Group acquired Banxa in January 2026, creating a pre-existing relationship leveraged by this partnership.
  • CoinPayments has processed over $50 billion in crypto transactions and serves over 250,000 merchants.

The big picture

This partnership signals a broader trend of established financial infrastructure providers seeking to capitalize on the growing demand for cryptocurrency payment solutions in Asia. OSL’s public listing and focus on regulatory compliance provide CoinPayments with a degree of credibility and access that would be difficult to achieve independently. The acquisition of Banxa by OSL further strengthens their position in the Web3 payment ecosystem, creating a vertically integrated solution.

What we're watching

Regulatory Headwinds
The partnership’s success hinges on navigating the evolving regulatory landscape for digital assets in APAC, particularly given OSL’s emphasis on compliance.
Integration Risk
The effectiveness of the partnership will depend on the seamless integration of CoinPayments’ payment gateway with OSL’s existing infrastructure and Banxa’s capabilities.
Market Adoption
The pace at which local businesses in Asia adopt cryptocurrency payments will determine the ultimate impact of this partnership on CoinPayments’ growth trajectory.

SoFi Enters Crypto Trading in Hong Kong via OSL Partnership

Event summary

  • SoFi Hong Kong and OSL have partnered to integrate digital asset trading into SoFi’s existing investment app in Hong Kong.
  • This marks SoFi's first expansion of its digital asset business outside of the United States.
  • The partnership leverages OSL’s Omnibus Pro platform for trade execution, custody, and wallet management.
  • SoFi Hong Kong members can now trade digital assets alongside US and HK stocks, and access a Robo Advisor within a single app.
  • OSL Group is listed on the Hong Kong Stock Exchange (863.HK).

The big picture

SoFi’s entry into the Hong Kong digital asset market, facilitated by OSL, signals a broader trend of regulated fintech platforms expanding internationally. This partnership validates OSL’s position as a key infrastructure provider for digital asset services in Asia, but also highlights the increasing importance of regulatory compliance for mainstream adoption of crypto assets. The move also represents a strategic bet on Hong Kong’s evolving regulatory environment for digital assets, which could serve as a model for other jurisdictions.

What we're watching

Regulatory Scrutiny
The SFC’s oversight of SoFi Hong Kong’s digital asset services will be critical, and any changes in regulatory interpretation could impact the partnership’s viability.
Adoption Rate
The pace at which SoFi Hong Kong members adopt digital asset trading will determine the partnership’s financial success and influence SoFi’s broader international strategy.
Competitive Landscape
How OSL’s Omnibus Pro platform performs in supporting SoFi’s trading volume will influence its attractiveness to other institutions seeking similar infrastructure.

OSL Launches USDGO Stablecoin, Targets Asian Enterprise Payments

Event summary

  • OSL Group launched USDGO, a regulated enterprise-grade U.S. dollar stablecoin, on February 9, 2026.
  • An initial $50 million in USDGO was minted and deployed on the Solana blockchain.
  • Anchorage Digital Bank N.A. is the issuer of USDGO, with OSL Group acting as the branding operator and distributor.
  • USDGO is designed to meet the standards of the GENIUS Act and is 1:1 backed by U.S. Treasuries.

The big picture

OSL's launch of USDGO represents a strategic push into the enterprise stablecoin market, capitalizing on the growing demand for compliant on-chain payment solutions in Asia. The partnership with Anchorage Digital, a federally chartered crypto bank, lends credibility and regulatory certainty to the offering. This move signals a broader trend of established financial institutions integrating stablecoins into their services to facilitate cross-border transactions and improve capital management for businesses.

What we're watching

Regulatory Scrutiny
The GENIUS Act's impact on USDGO's operations and expansion will be a key indicator of broader regulatory acceptance of enterprise stablecoins in Asia.
Chain Adoption
The planned expansion to other blockchains beyond Solana will reveal OSL's strategy for maximizing liquidity and distribution of USDGO.
Enterprise Adoption
The rate at which USDGO gains traction among Asian enterprises will determine its success in displacing existing cross-border payment solutions.

OSL Group Secures $200 Million to Expand Stablecoin and Payment Services

Event summary

  • OSL Group, a Hong Kong-based stablecoin trading and payment platform, has secured $200 million in equity financing.
  • The capital raise, announced January 29, 2026, will be used for strategic acquisitions, global expansion, product development, and working capital.
  • OSL recently acquired Banxa, a Web3 payment provider, launched the B2B payment solution OSL BizPay, and introduced the USD stablecoin USDGO.
  • The financing round aims to solidify OSL's 'first-mover advantage' in the compliance-driven stablecoin and payment space.

The big picture

OSL’s funding round underscores the growing institutional interest in compliant stablecoin and payment infrastructure within Asia. The $200 million injection positions OSL to aggressively pursue a strategy of inorganic growth through acquisitions, reflecting a broader trend of consolidation within the fragmented digital asset services landscape. The company’s focus on compliance is a direct response to increasing regulatory pressure on the stablecoin sector, which will likely shape the future of the industry.

What we're watching

Acquisition Strategy
The success of OSL's acquisition strategy will hinge on identifying and integrating licensed trading and payment entities globally, a process complicated by varying regulatory landscapes.
Regulatory Scrutiny
Increased regulatory scrutiny of stablecoins and digital payment platforms globally could impact OSL's expansion plans and necessitate significant compliance investments.
USDGO Adoption
The rate at which USDGO gains adoption and utility within OSL's payment infrastructure will be a key indicator of the platform's overall success and competitive positioning.

OSL Lists XAUT, Partners with Antalpha to Expand Digital Gold Ecosystem in Hong Kong

Event summary

  • OSL Group has listed Tether Gold (XAUT), a $2.2 billion gold-backed stablecoin, on its exchanges, offering XAUT/USDT and XAUT/USD trading pairs.
  • The partnership with Antalpha aims to build a comprehensive 'Digital Gold' solution for institutional investors in Hong Kong.
  • Antalpha has been providing XAUT-to-gold bar redemption services and is now expanding access through OSL's platform.
  • The collaboration enables a 'Fiat-Digital Asset-Physical Gold' closed-loop operation within Hong Kong's regulatory framework.

The big picture

This partnership represents a significant push to legitimize digital gold as an institutional asset class, leveraging Hong Kong's position as a gold trading hub. The integration of XAUT into OSL's platform facilitates a previously unavailable closed-loop transaction, potentially attracting substantial institutional capital. However, the success of this venture hinges on maintaining regulatory compliance and ensuring the integrity of the physical gold backing.

What we're watching

Regulatory Scrutiny
Increased regulatory focus on stablecoins and RWA offerings could impact the long-term viability of the partnership and XAUT's adoption in Hong Kong.
Redemption Risk
The ability of XAUT holders to redeem tokens for physical gold bars remains crucial; any disruptions to this process could undermine investor confidence.
Competitive Landscape
The emergence of competing digital gold solutions and stablecoins will likely intensify pressure on OSL and Antalpha to innovate and maintain market share.
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