Stablecoins are increasingly moving from crypto trading infrastructure into the plumbing of global payments, and OSL Group is betting that this shift can support growth beyond cryptocurrency market cycles.
The Hong Kong-listed digital-asset company reported HK$55.813 billion in revenue for the first half of 2026, a 65.8% year-over-year increase. Transaction volume reached HK$172 billion, while payments accounted for 88% of revenue, underscoring how quickly OSL is repositioning itself around stablecoin-based financial infrastructure.
The company says it has become the world’s largest stablecoin payment infrastructure provider by B2B stablecoin payment transaction volume, while simultaneously expanding its regulated footprint across Europe, Australia and other international markets.
OSL Group’s latest results offer a glimpse into a changing digital-asset market: the infrastructure opportunity may increasingly sit in payments rather than token speculation.
For the six months ended June 30, 2026, OSL reported revenue of HK$55.813 billion, up 65.8% from the same period a year earlier. Payment revenue rose 69.3% to HK$49.083 billion, representing 88% of group revenue.
The company also reported total transaction volume of HK$172 billion, a 241.3% year-over-year increase. Adjusted non-IFRS income reached HK$331 million, up 75.5%.
Those numbers come despite what OSL described as a significant market correction during the first half of the year. Management’s argument is that payments and financial infrastructure can provide a less market-sensitive foundation than businesses dependent primarily on digital-asset prices.
That distinction is becoming increasingly important as banks, fintech companies and payment providers explore stablecoins for cross-border settlement, treasury operations and programmable payments.
From crypto exchange to stablecoin infrastructure
OSL began expanding beyond licensed digital-asset exchange services as part of a strategic shift announced in 2025.
The company’s current strategy centers on stablecoin payments, custody, trading infrastructure and regulated financial services.
Its acquisition of Banxa Holdings in January 2026 expanded OSL’s payment capabilities and customer reach across Europe, North America and Australia. Banxa’s existing infrastructure and licensing relationships also gave OSL another route into international digital-asset payments.
The company’s latest financial results suggest that payments are now central to the business rather than an adjacent product.
That is visible in the revenue mix: payment operations generated nearly nine-tenths of total revenue during the first half.
USDGO becomes a central piece of the strategy
One of OSL’s most significant launches this year has been USDGO, a U.S.-dollar stablecoin aimed at enterprise use.
USDGO is issued by Anchorage Digital Bank, N.A., while OSL acts as brand operator and distributor. OSL launched the stablecoin in February 2026 with an initial circulation of US$50 million.
By August, the company said circulation had surpassed US$1.2 billion, representing more than a 24-fold increase from the initial supply.
The rapid expansion is significant because stablecoin adoption increasingly depends on more than simply creating a token. Enterprises need regulated issuance, custody, compliance controls, banking relationships and mechanisms for moving digital dollars between counterparties.
That is where OSL is attempting to differentiate its infrastructure.
The strategy resembles a broader industry movement toward regulated stablecoins that can sit between traditional financial systems and blockchain networks. Companies including Circle, Paxos and major banks are competing to establish infrastructure around tokenized money and digital settlement.
The competitive landscape is therefore moving beyond crypto exchanges. The next contest is increasingly about who can provide the regulated rails connecting banks, businesses, payment providers and blockchain networks.
OSL AgentPay targets autonomous payments
OSL is also positioning stablecoins for a newer use case: AI agents.
During the reporting period, the company introduced OSL AgentPay, infrastructure designed to allow AI agents to initiate and complete payments autonomously using multiple stablecoins and payment protocols.
The concept connects two emerging technology trends.
AI agents are increasingly being designed to perform tasks rather than simply generate information. If those agents eventually transact on behalf of users or businesses, they will need payment infrastructure capable of handling machine-initiated transactions.
Stablecoins are potentially suited to this model because blockchain networks can support programmable transfers without requiring every transaction to follow conventional card or bank-payment workflows.
The challenge is governance.
Enterprise adoption of agentic payments will require controls around identity, authorization, transaction limits, fraud monitoring, compliance and accountability. An autonomous system that can move money cannot simply inherit the same trust model as a chatbot.
OSL’s compliance-first positioning is therefore strategically relevant to AgentPay, particularly if the product is aimed at regulated financial institutions and enterprises.
Regulation becomes part of the infrastructure
OSL’s international expansion is occurring alongside an effort to build a broader regulatory footprint.
The company obtained a Markets in Crypto-Assets Regulation (MiCAR) license from Austria’s Financial Market Authority, allowing it to passport regulated crypto-asset services across the European Economic Area under the region’s single-license framework.
OSL also received an Australian Financial Services Licence (AFSL) from the Australian Securities and Investments Commission, enabling it to provide digital-asset, payment and custody services to Australian wholesale clients.
These licenses matter because regulation is becoming a competitive differentiator in institutional digital assets.
Large financial institutions generally cannot build payment strategies around infrastructure that lacks clear regulatory status, custody arrangements and compliance controls. As stablecoins move closer to mainstream finance, regulated access could become as important as transaction speed or blockchain compatibility.
The financial infrastructure race is widening
OSL’s growth comes as the broader financial industry experiments with tokenized deposits, stablecoins and real-world assets.
Traditional institutions are increasingly investigating blockchain-based settlement for areas such as cross-border payments, collateral movement and tokenized securities. Meanwhile, fintech companies are building APIs and infrastructure that allow businesses to use digital assets without becoming crypto-native organizations themselves.
OSL wants to occupy that middle layer.
Its strategy combines stablecoin issuance and distribution, payment infrastructure, digital-asset custody, trading capabilities and regulatory licenses. The ambition is to become infrastructure connecting traditional finance with blockchain-based financial markets.
That strategy will face substantial competition.
Circle has built a major stablecoin ecosystem around USDC, while banks and financial infrastructure companies are developing their own tokenized-money and settlement initiatives. Payment networks such as Visa and Mastercard are also exploring stablecoin settlement and digital-asset infrastructure.
For OSL, the opportunity is therefore not simply to grow transaction volume. It is to make its infrastructure indispensable to institutions that want access to blockchain-based payments without rebuilding their own digital-asset stack.
What it means for financial institutions
For banks, fintechs and enterprises, OSL’s results point to a broader shift in how stablecoins may be evaluated.
The question is increasingly moving from whether stablecoins have a use case to which infrastructure providers can make them compliant, scalable and operationally useful.
That requires more than a digital currency. It requires custody, payment rails, liquidity, regulatory permissions, monitoring and integration with existing financial systems.
OSL is investing across those layers.
Its next phase will depend on whether stablecoin payments continue moving from crypto-native applications into mainstream corporate treasury, cross-border settlement and machine-driven commerce.
If that transition accelerates, the infrastructure supporting stablecoins could become one of the more important new layers of global financial technology.
Market Landscape
Stablecoins are evolving from trading instruments into potential payment and settlement infrastructure. Their appeal lies in combining blockchain-based transfer mechanisms with currencies such as the U.S. dollar.
The market now includes dedicated stablecoin issuers, crypto-native payment providers, banks, card networks and fintech infrastructure companies.
OSL’s positioning is distinctive because it is attempting to combine stablecoin issuance, payments, custody, trading and regulatory infrastructure within one platform.
Its competitive set therefore extends beyond traditional crypto exchanges to companies such as Circle and Paxos, payment networks such as Visa and Mastercard, and financial institutions developing tokenized-money infrastructure.
The biggest enterprise adoption barriers remain regulatory certainty, interoperability, liquidity, cybersecurity, custody and integration with existing banking systems.
OSL’s expansion across Asia-Pacific, Europe and Australia suggests that geographic regulatory coverage may become a key competitive factor as institutional stablecoin adoption expands.
Top Insights
- OSL Group reported HK$55.8 billion in first-half revenue, with stablecoin payment activities generating 88% of revenue as transaction volumes reached record levels.
- USDGO circulation exceeded US$1.2 billion, positioning OSL deeper in the competitive market for regulated enterprise-focused dollar stablecoins.
- OSL AgentPay extends stablecoin infrastructure into AI agent payments, targeting automated transactions that could emerge within the growing agentic economy.
- MiCAR and Australian financial-services licenses expand OSL’s regulated footprint, giving institutional customers additional access to digital-asset payment and custody services.
- OSL’s strategy reflects a wider fintech shift toward regulated blockchain infrastructure connecting banks, enterprises, payment networks and tokenized financial assets.
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