OSL Group (HKEX:863), a global stablecoin payment and trading platform, has announced that its exchange business, OSL Exchange, has become Hong Kong's largest digital asset trading platform by both spot trading volume and stablecoin trading volume.

According to data from the digital asset analytics platform CoinGecko, OSL Exchange ranked 8th globally on the top exchange ranking list as of 4 September 2026 — the highest ranking and largest trading volume among Hong Kong-based digital asset trading platforms. OSL Exchange also ranks first in stablecoin trading volume among all digital asset trading platforms in Hong Kong.

The ranking carries particular weight in Hong Kong's market, where retail and institutional access to digital asset trading is confined to platforms licensed by the Securities and Futures Commission (SFC) under the virtual asset trading platform regime introduced in June 2023. OSL was among the first platforms to receive an SFC licence, and competition among the small set of licensed venues has centred on liquidity depth and fee structures — the areas where OSL now claims the top spot.

The milestone builds on roughly 18 months of strategic upgrades to OSL's stablecoin business: sustained investment in stablecoin infrastructure has been systematically feeding back into the trading platform, driving broad gains in liquidity depth, fee competitiveness, and compliant fund channels.

Stablecoin Strategy Feeds Back Into the Trading Platform

OSL Exchange is the flagship brand of OSL's exchange business. Since the Group's strategic pivot toward stablecoins in 2025, OSL's continued investment in stablecoin payments has strengthened the trading platform's underlying capabilities — the key factor behind OSL Exchange's rise to the top of the Hong Kong market.

The build-out of stablecoin infrastructure has driven a comprehensive upgrade of OSL's trade matching, clearing, and settlement systems, delivering deeper liquidity pools, stronger matching capabilities, and more efficient channels for moving funds in and out. At the same time, as the brand operator and distributor of USDGO, OSL channels real trading demand and liquidity into the trading platform through USDGO and its B2B payment network.

This has created a virtuous cycle between infrastructure upgrades and liquidity gains, allowing OSL Exchange to deliver a more competitive trading experience to different client segments within a compliant framework.

For institutional clients such as brokerages and asset managers, the result is better market depth, lower slippage, a more seamless trading experience, and an industry-leading fee structure. In August 2026, OSL HK, OSL's Hong Kong-licensed digital asset exchange, became the only licensed platform in Hong Kong to offer zero maker and taker fees on spot trading across all stablecoin-to-stablecoin and stablecoin-to-fiat trading pairs for professional investors and institutional clients. In large-volume, high-frequency institutional trading scenarios, the combined advantage of zero fees and deep liquidity has encouraged a growing number of institutional clients to connect to OSL Exchange through the omnibus model.

For individual investors, OSL's continuously strengthened compliant deposit and withdrawal channels have made moving between fiat currency and digital assets smoother and less costly — another pillar behind the sustained growth in OSL Exchange's trading volume.

World-Leading Stablecoin Infrastructure Fuels Momentum

Behind the exchange's leap in liquidity and trading volume lies OSL's broader push into stablecoins. According to global business consulting firm Frost & Sullivan, in 2025 OSL became the world's largest stablecoin payment infrastructure company by B2B stablecoin payment volume, with US$12.3 billion in B2B stablecoin payment volume for the full year.

In February 2026, OSL launched USDGO, its institutional-grade US dollar stablecoin. Within six months of launch, its circulating supply surpassed US$1.2 billion, making it the sixth-largest compliant stablecoin globally by circulating supply. USDGO has not only contributed significant trading volume and liquidity to OSL's trading platform, but has also further closed the loop across OSL's full stablecoin value chain, from distribution and payments to trading. The launch also coincided with Hong Kong's broader regulatory moves in this space, including the Stablecoins Ordinance that took effect in August 2025, which established a licensing regime for fiat-referenced stablecoin issuers in the city and shaped the operating environment for compliant stablecoin businesses such as OSL's.

Source: GlobalFinTechSeries, OSL