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OSL Licensed Stablecoin Payment Infrastructure

1) Transaction fees: Charged to institutional clients based on the scale of payments and exchanges; 2) Bid-ask spreads:

MODEL

Key Fields

FIELD STAMPS

IndustryFintech

RegionMulti-region

ScaleMid-size

ChannelOnline

📌 Background

Licensed compliance is becoming the core competitive advantage in stablecoin payments. OSL Group's core revenue for 2025 grew by 150.1% year-on-year to HK$534 million, with total platform trading volume exceeding HK$201.2 billion. Stablecoin trading volume accounted for 60% of transaction-related scale, with overseas revenue representing 67% (based on company performance disclosures). Interim results for the six months ended June 30, 2026, indicate that payments have become the core revenue driver, with the proprietary stablecoin USDGO reaching a circulation scale of over US$1.2 billion within 6 months of launch.

👤 Target Customers

Crypto funds, trading platforms, corporate treasury departments, and licensed financial institutions requiring compliant fiat on/off-ramps and stablecoin circulation. The paying entities are institutional clients utilizing stablecoin payment products and liquidity services.

💰 Revenue Streams

1) Transaction fees: Charged to institutional clients based on the scale of payments and exchanges; 2) Bid-ask spreads: Earned through the exchange between stablecoins and fiat currencies; 3) Custody and settlement subscriptions: Periodic subscription fees for providing fund custody and compliant settlement services; 4) Liquidity services: Charging based on scale for providing stablecoin liquidity to institutional clients, categorized as an opportunistic item with undisclosed revenue volume.

🧮 Cost Structure

Costs associated with license applications and ongoing compliance in jurisdictions like Hong Kong, development of technical systems and wallet security, audit and AML expenses, and institutional sales and customer service costs.

🛡️ Moat

Licensed compliance qualifications combined with years of accumulated institutional-grade custody and trading experience create a high barrier to entry for stablecoin payment infrastructure.

🔑 Keys to Success

Maintaining and expanding licenses across multiple jurisdictions
Institutional-grade asset custody and trading security capabilities
Consolidating liquidity and network effects for stablecoin payment infrastructure

⚠️ Risks

Regulatory policy shifts leading to a devaluation of licensed business
Stablecoin market trust crises impacting trading volume
Fee compression due to competition from major payment providers and crypto exchanges

🏢 Cases

OSL Group's 2026 interim results showing the payment business as the core revenue driver
OSL's practice of reshaping global fund flow channels through compliant licenses

📊 SWOT Analysis

Strengths

Regulated and licensed institution with a foundation of trust among institutional clients
Payment business has generated scalable revenue with a validated business model
Relatively mature infrastructure for stablecoin-fiat exchange and settlement

Weaknesses

Business highly dependent on the Hong Kong regulatory environment
Weaker capital scale and network effects compared to giants like Visa and Coinbase

Opportunities

Rapid growth in demand for cross-border on-chain payments in Asia
Increasing number of enterprises seeking compliant stablecoin channels, enhancing license value

Threats

Traditional banks and card networks entering the stablecoin settlement space
Continued evolution of decentralized finance alternatives that bypass licensed channels

Sources