OSL Group (HKEX:863) reported a 65.8% year-on-year increase in total revenue to HK$55.813 billion for the six months ended June 30, 2026. The growth was primarily driven by its payment business, which now accounts for 88% of total revenue.

The company also announced that it has become the world's largest stablecoin payment infrastructure company by B2B stablecoin payment transaction volume. Total transaction volume reached HK$172.0 billion, marking a 241.3% year-on-year surge.

Financial Performance

OSL Group’s financial results for the first half of FY26 highlight a strong shift toward its payment infrastructure model. The payment business generated HK$49.083 billion in revenue, up 69.3% from the same period last year.

Revenue from outside the Asia-Pacific region grew tenfold to HK$7.8 billion, indicating expanding international adoption. Adjusted non-IFRS income, which excludes net gains or losses on digital assets used for trading services and changes in fair value, rose 75.5% to HK$331 million.

What the Numbers Show

The divergence between revenue growth and transaction volume growth suggests improving monetization efficiency or higher average transaction values in the payment segment. While total transaction volume increased by over 240%, revenue grew by 65.8%, implying that the revenue conversion rate per unit of volume may have adjusted as the mix shifted heavily toward the payment business, which constitutes the vast majority of the top line.

Strategic Developments

OSL launched USDGO, a compliant enterprise US dollar stablecoin issued by Anchorage Digital Bank, N.A., in February 2026. Within six months, USDGO’s circulating supply exceeded US$1.2 billion, a more than 24-fold increase from its initial US$50 million issuance. It is now ranked among the top six compliant stablecoins globally by market capitalization.

The company also introduced OSL AgentPay, a stablecoin payment infrastructure designed for AI agents to facilitate automated, end-to-end autonomous payment flows.

Global Expansion and Compliance

In January 2026, OSL completed the acquisition of Banxa Holdings Inc, integrating its Web3 payment services to broaden its footprint in Europe, North America, and Australia.

During the reporting period, OSL secured two key regulatory approvals:

• A European Union Markets in Crypto-Assets Regulation (MiCAR) license from the Austrian Financial Market Authority (FMA), allowing passporting of services across all 30 European Economic Area member states.
• An Australian Financial Services Licence (AFSL) from the Australian Securities and Investments Commission (ASIC), enabling institutional-grade digital asset, payment, and custody services for wholesale clients in Australia.

Kevin Cui, Executive Director and CEO of OSL Group, stated that the results validate the company’s focus on stablecoin financial infrastructure rather than short-term speculation. He noted that the strategic upgrade announced 18 months ago has positioned OSL as a leader in B2B stablecoin payments.

OSL Group (HKEX: 863) reported that its StableHub platform recorded US$200 million in USDC deposits within approximately four months of launch. The milestone highlights rapid adoption among Asia-Pacific enterprises seeking consolidated stablecoin access.

StableHub serves as a multi-stablecoin and USD exchange hub, aggregating liquidity across supported assets. OSL designed the platform to address fragmentation in the region, where institutions previously had to piece together offshore trading venues and separate payment rails to access USDC.

Platform Mechanics and Integration

The platform allows eligible clients to exchange USDC and USD on a 1:1 basis, subject to applicable limits. By consolidating access, exchange, custody, and settlement into a single channel, OSL aims to streamline treasury and settlement operations for counterparties already using USDC.

Jason Liu, Head of Stablecoin at OSL Group, noted that Circle provided technical support and strategic input for the integration. This collaboration included work on cross-border payment solutions, positioning Circle’s USDC as a core pillar for benchmark dollar liquidity across trading and payments.

What the Numbers Show

The accumulation of US$200 million in deposits within a four-month window indicates significant initial liquidity concentration. This figure represents the total volume of USDC held on the platform since inception, rather than a recurring revenue stream or transaction volume metric. The speed of this accumulation suggests that APAC institutions are prioritizing consolidated custody solutions over fragmented legacy arrangements.

Regulatory Context

OSL operates under a regulatory framework that positions it as a Permitted Offeror under the Stablecoin Ordinance (Cap. 656) in Hong Kong. The company offers these products and services only to clients verified as professional investors. While OSLDS is not licensed to conduct Regulated Stablecoin Activities broadly, it serves professional investors who meet specific verification criteria.

The platform’s design reflects OSL’s broader strategy to combine regulated distribution, liquidity, and settlement into a single compliant counterparty. This approach targets the burgeoning digital dollar market in the Asia-Pacific region, aiming to provide efficient digital financial infrastructure for enterprises and financial institutions.