OSL Group
OSL Group (HKEX: 863.HK) operates Asia's leading licensed stablecoin trading and digital asset payment infrastructure platform, serving enterprises, financial institutions, and professional investors with exchange, custody, B2B payment, and regulated stablecoin (USDGO, USDC, USDKG) services across Hong Kong, APAC, the EU, and the US.
- Company typePublic
- Founded2019
- HeadquartersCauseway Bay, Hong Kong SAR China
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What OSL Group does
OSL Group Limited (HKEX: 863.HK) is a Hong Kong-headquartered holding company operating Asia's leading stablecoin trading and digital asset payment infrastructure platform. Through its licensed subsidiaries OSL HK and OSL Global, it runs spot trading, OTC, custody, staking, and wealth management services for professional investors and high-net-worth individuals in Hong Kong, with HKD banking integration and up to US$1 billion in platform asset insurance. The group is the first and only publicly listed, Hong Kong SFC-licensed digital asset trading platform, with additional regulatory footprint spanning the EU (Banxa's MiCA license in the Netherlands), the United States (Banxa's money transmitter licenses), and Indonesia (Koinsayang).
The company's core technology is a vertically integrated stablecoin and payment stack. USDGO is a regulated enterprise-grade US dollar stablecoin issued by Anchorage Digital Bank N.A. with OSL as branding operator and distributor, deployed on Solana and backed 1:1 by US Treasuries and tokenized money market reserves from BlackRock (BUIDL), JPMorgan (JLTXX), and Goldman Sachs (STBXX). USDKG is a gold-backed stablecoin listed on Ethereum and TRON. OSL BizPay provides B2B cross-border payments and treasury management, and Banxa supplies global fiat-to-crypto conversion rails. Additional sub-brands include Flash Trade, Pro Trade, Recurring Buy, Omnibus accounts, RWA tokenization, and the StableX payment infrastructure.
OSL generates revenue primarily through transaction fees across exchange trading, OTC trading, stablecoin issuance and distribution, and B2B payment processing via OSL BizPay and Banxa. Recurring revenue streams include digital asset custody and subscription services. Go-to-market combines direct institutional sales in Hong Kong with channel partnerships (SoFi Securities Hong Kong, COINPAYMENTS, MetaComp, CSOP/HSBC for tokenized ETFs) and embedded distribution through Banxa's merchant payment network. The company is loss-making but disclosed a 150% increase in core operating income in 2025 annual results, and raised approximately US$500 million in equity between July 2025 and January 2026 to fund acquisitions, licensing, and global expansion.
OSL Group firmographics
Firmographics- Name
- OSL Group
- Legal name
- OSL Group Limited
- Website
- https://group.osl.com
- Company type
- Public
- Founded year
- 2019
- Headcount range
- 101–250 employees
- Short description
- OSL Group (HKEX: 863.HK) operates Asia's leading licensed stablecoin trading and digital asset payment infrastructure platform, serving enterprises, financial institutions, and professional investors with exchange, custody, B2B payment, and regulated stablecoin (USDGO, USDC, USDKG) services across Hong Kong, APAC, the EU, and the US.
- Ownership category
- akta.pro rank
OSL Group industry classification
Industry- Product category
- Digital Asset Exchange & Stablecoin Infrastructure
- NAICS
- Securities and Commodity Exchanges (5232), Securities and Commodity Exchanges (52321)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Digital Asset/Crypto Trade Execution Platforms (FSAFANAO)
- akta.pro secondary industries
- OTC Desks & Block Trading Networks (FSAPADAH), OTC Spot Trading & Block Execution (FSADAJAB), International Money Transfer Operators (MTOs) (FSAMAIAE), Permissioned / KYC DEXs (Institutional On-Chain Venues) (FSADABAN)
Keywords
Where OSL Group is headquartered
LocationHeadquarters
- HQ city
- Causeway Bay
- HQ country
- Hong Kong SAR China
- HQ region
- Asia
Offices1 record
Markets served
OSL Group business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Exchange Trading Fees: Trading fees from OSL HK and OSL Global digital asset exchanges, supporting spot trading of cryptocurrencies and stablecoins for professional investors
- Stablecoin Services: Revenue from stablecoin issuance, distribution, and trading of USDGO, USDC, USDKG, and other compliant stablecoins for institutional settlement and corporate cross-border payments
- B2B Payment Processing: OSL BizPay B2B payment solution processing fees for cross-border transactions, enterprise treasury management, and stablecoin-based settlement services
- Custody Services: Digital asset custody services for professional investors including secure storage, staking, and wealth management solutions
- Acquisition Integration Revenue: Revenue synergies from acquired entities including Banxa's global payment network and Koinsayang's Indonesian market presence
- OTC Trading: Over-the-counter trading services for large-volume institutional transactions with personalized pricing and settlement
Go-to-market motion3 records
Distribution channels7 records
Marketing channels5 records
OSL Group product offering
Product offeringCore offering
OSL Group operates a licensed digital asset exchange and stablecoin trading and payment infrastructure platform across Hong Kong, Asia-Pacific, and global markets. Core offerings include the OSL HK licensed exchange, OSL Global international exchange, regulated stablecoin issuance and distribution (USDGO, USDKG, USDC), the OSL BizPay B2B cross-border payment solution, OTC trading, custody, staking, wealth management, RWA tokenization, and fiat on/off-ramping through the acquired Banxa payment network.
Product overview
OSL Group operates as Asia's leading stablecoin trading and payment infrastructure platform, offering a comprehensive suite of digital asset services through its Hong Kong-licensed exchange (OSL HK), international exchange (OSL Global), and various sub-brands. The platform's core offerings include USDGO, a regulated enterprise-grade stablecoin issued in partnership with Anchorage Digital Bank, and USDKG, a gold-backed stablecoin. OSL Group provides trading services (Flash Trade, Pro Trade, OTC), payment solutions (OSL BizPay, StableX), custody, staking, wealth management, and RWA tokenization services. The ecosystem is supported by acquired payment infrastructure provider Banxa, enabling fiat off-ramping capabilities across Asia-Pacific markets.
Differentiator
Problem solved
Functional benefit
Products and services
- OSL HK (Hong Kong Licensed Digital Asset Exchange) Hong Kong SFC-licensed digital asset exchange providing regulated spot trading, OTC services, custody, and stablecoin trading pairs for professional and institutional investors.
- OSL Global (International Digital Asset Exchange) Global digital asset exchange operated by OSL Group, supporting professional trading and OTC services for institutions, including new pairs such as PLUME/USD launched in March 2026.
- USDGO (Regulated Enterprise USD Stablecoin) Regulated enterprise-grade U.S. dollar stablecoin issued by Anchorage Digital Bank N.A. with OSL Group as branding operator and distributor, pegged 1:1 to USD and backed by high-quality liquid assets including U.S. Treasuries; designed for institutional settlement and cross-border B2B payments.
- USDKG (Gold-Backed Stablecoin) Gold-backed stablecoin issued by the Kyrgyz Republic's state-owned OJSC Virtual Asset Issuer, pegged 1:1 to USD and backed by physical gold reserves, deployed on Ethereum and TRON blockchains.
- OSL BizPay (B2B Cross-Border Payment Solution) B2B payment solution enabling enterprise cross-border payments and treasury management using stablecoins for corporate settlement.
- OTC Trading Desk Over-the-counter trading desk for large-volume institutional transactions with personalized pricing and settlement.
- Institutional Digital Asset Custody Secure digital asset custody services for institutional and professional investors, offered alongside trading with SFC regulatory oversight.
- Digital Asset Staking Staking services enabling clients to earn rewards by validating digital assets on proof-of-stake networks.
- Digital Asset Wealth Management Wealth management services for high-net-worth individuals and institutional clients investing in digital assets.
- RWA Tokenization Platform Real-world asset tokenization platform enabling fractional ownership and on-chain trading of tokenized assets, including tokenized HKD money market ETFs distributed with CSOP and HSBC.
- StableX (Stablecoin Trading Infrastructure) Stablecoin trading and payment infrastructure platform within OSL Group's product suite.
- OSL Trading API Developer API enabling programmatic access to OSL's trading and payment infrastructure for building custom trading and payment applications.
- Banxa (Crypto Payment Infrastructure) Web3 payment service provider acquired by OSL Group, enabling fiat-to-crypto conversion and compliant payment rails for businesses across Asia-Pacific with US money transmitter licenses and EU MiCA license.
- Private Clients Service Dedicated services for high-net-worth individual clients, including personalized trading, OTC execution, and wealth management under OSL HK's regulated framework.
Quantifiable outcome
- Core operating income up 150% in 2025
- +3 more outcomes
Companies that use OSL Group
Customer profileNamed customers6 records
Segments4 records
Ideal customer profiles4 records
OSL Group technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
Feature6 records
OSL Group partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered strategic and core.
- BlackRockstrategicBlackRock's BUIDL tokenized fund serves as institutional reserve partner for USDGO stablecoin, alongside JPMorgan's JLTXX and Goldman Sachs' STBXX, providing reserve asset backing for the compliant stablecoin.
- JPMorgan ChasestrategicJPMorgan's tokenized fund JLTXX became the latest source of reserve assets for USDGO stablecoin, joining BlackRock's BUIDL and Goldman Sachs' STBXX as institutional reserve partners.
- Goldman SachsstrategicGoldman Sachs' STBXX tokenized fund serves as institutional reserve partner for USDGO stablecoin, alongside BlackRock's BUIDL and JPMorgan's JLTXX.
- CSOP Asset ManagementstrategicCSOP (Hong Kong's largest ETF issuer) partnered with HSBC to launch a non-listed tokenized category of its HKD Money Market ETF, and signed MoU with OSL Group for exclusive collaboration to distribute this product through OSL's licensed virtual asset trading platform. The tripartite partnership integrates traditional money market funds with blockchain technology.
- Circle Internet GroupcorePartnership to expand USDC accessibility across global trading and payment markets, enabling 1:1 conversions between USD and USDC through OSL's international platform. Features dedicated USDC trading zone with major pairs like BTC, ETH, and SOL, while utilizing stablecoin as unified margin asset for institutional clients. OSL Global also plans to support access to Circle's USYC tokenized money market fund.
- COINPAYMENTSstrategicStrategic partnership to accelerate COINPAYMENTS expansion across Asia-Pacific region. The partnership grants COINPAYMENTS access to OSL Group's local payment rails and fiat off-ramping capabilities, enabling compliant digital payment solutions to merchants throughout Asia.
- SoFi Securities Hong KongstrategicPartnership to offer digital asset trading to Hong Kong investors, enabling SoFi Hong Kong members to trade supported digital assets through the SoFi Hong Kong app. Marks SoFi's first expansion of its digital asset business outside the US, with trade execution, custody, and wallet management provided through OSL's Hong Kong-licensed subsidiary.
- Banxa HoldingscoreBanxa Holdings Inc. became a wholly-owned subsidiary of OSL Group through a court-approved plan of arrangement completed January 2, 2026. Total consideration approximately C$80.4 million at C$1.55 per share. Banxa operates as a crypto infrastructure provider enabling businesses to embed crypto functionality into payment platforms, holding money transmitter licenses across multiple US states and a MiCA license in the Netherlands.
- AntalphastrategicPartnership to build comprehensive 'Digital Gold' solution for professional and institutional investors. OSL officially listed Tether Gold (XAUT), the world's largest gold stablecoin with approximately US$2.2 billion market cap, enabling a 'Fiat-Digital Asset-Physical Gold' closed-loop operation within Hong Kong's licensed framework. Plans include XAUT-collateralized lending and structured digital asset products.
- Anchorage DigitalcoreAnchorage Digital, the first and only federally regulated crypto bank in the United States, serves as the issuer of USDGO stablecoin while OSL Group acts as branding operator and distributor. The partnership enables compliant stablecoin issuance backed 1:1 by high-quality liquid assets including US Treasuries, designed to meet GENIUS Act standards.
- KoinsayangcoreOSL Group completed acquisition of Indonesian digital asset exchange Koinsayang through share issuance, granting OSL regulatory approval to operate in Indonesia and supporting expansion in Southeast Asia including plans for RWA tokenisation and PayFi.
- MetaCompstrategicPartnership between MetaComp (Singapore-based MAS-regulated digital asset infrastructure provider) and OSL Group to develop cross-border payment solutions and tokenized RWA infrastructure between Singapore and Hong Kong. Collaboration includes liquidity network integration for institutional OTC trading, stablecoin-based cross-border payment infrastructure, and co-developed RWA cross-listing solutions.
Scale indicators11 records
Recent moves6 records
Expansion highlights7 records
OSL Group competitors and assessment
Company assessmentDirect peers
- HashKey Group: Hong Kong-headquartered, SFC-licensed digital asset platform operating an exchange, OTC desk, custody, and tokenization services. HashKey is OSL's most direct Hong Kong competitor and the natural peer for regulatory-first-mover positioning.
- Bullish: Institutional-focused digital asset exchange backed by Block.one. Operates a regulated spot and derivatives venue with deep liquidity for professional traders — directly comparable to OSL Global's Pro Trade and OTC institutional offering.
- FalconX: Institutional digital asset prime brokerage offering trading, credit, and custody. Comparable to OSL's OTC desk, omnibus services, and institutional trading, particularly relevant as FalconX expands into Asia-Pacific.
Broad incumbents
- Coinbase Global: US-listed global crypto exchange and prime brokerage offering spot trading, custody, staking, and stablecoin services. Comparable to OSL's exchange-plus-institutional-services model at much larger scale; competes for institutional flow and USDC integration.
- Galaxy Digital: Public crypto financial services firm offering institutional trading, asset management, and blockchain infrastructure. Comparable to OSL's institutional trading, OTC, and custody offerings; relevant for institutional segment benchmarking.
- BitGo: Institutional digital asset custody, trading, and lending provider. Comparable to OSL's custody and staking services for institutional clients; relevant competitor for qualified custodian positioning in Asia.
Emerging players
- Circle Internet Group: USDC issuer and regulated stablecoin infrastructure provider. Circle is both an OSL partner (USDC integration, unified margin) and a competitor, as USDGO competes for institutional stablecoin adoption against the dominant USDC franchise.
- Anchorage Digital: First federally regulated US crypto bank and issuer of USDGO stablecoin. Anchorage is a critical OSL partner but also a potential competitor as it expands institutional digital asset services including custody, trading, and tokenization.
- Paxos: Regulated blockchain infrastructure platform issuing stablecoins (USDP, PYUSD on behalf of PayPal) and offering custody and settlement services. Direct comparator for OSL's stablecoin issuance model and regulated infrastructure positioning.
Regional players
- Hong Kong BGE Group: Hong Kong-headquartered digital asset financial services firm focused on asset management and trading. Smaller regional peer to OSL's exchange operations in Hong Kong, useful for understanding local market dynamics.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks1 record
Key highlights7 records
Customer concentration
OSL Group social profiles
Digital presenceOSL Group compliance and trust
Trust signalCompliance4 records
OSL Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
OSL Group leadership team
Management profileNumber of profiles
Profiles4 records
OSL Group subsidiaries and ownership
Company hierarchySubsidiaries2 records
OSL Group funding detail
Funding detailFunding overview
Funding rounds6 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
OSL Group M&A and investment
M&A and investmentM&A1 record
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about OSL Group
What does OSL Group do?
OSL Group operates a licensed digital asset exchange and stablecoin trading and payment infrastructure platform across Hong Kong, Asia-Pacific, and global markets. Core offerings include the OSL HK licensed exchange, OSL Global international exchange, regulated stablecoin issuance and distribution (USDGO, USDKG, USDC), the OSL BizPay B2B cross-border payment solution, OTC trading, custody, staking, wealth management, RWA tokenization, and fiat on/off-ramping through the acquired Banxa payment network.
Is OSL Group a public or private company?
OSL Group is a public company. It is classified as public.
When was OSL Group founded?
OSL Group was founded in 2019. It employs 101 to 250 people.
Where is OSL Group based?
OSL Group is headquartered in Causeway Bay, Hong Kong SAR China, in the Asia region.
How does OSL Group make money?
Six revenue lines are on record. Exchange Trading Fees are the primary driver. The others are stablecoin Services, B2B Payment Processing, custody Services, acquisition Integration Revenue and OTC Trading.
Who are OSL Group's main competitors?
Direct peers on record are HashKey Group, Bullish and FalconX. Broad incumbents are Coinbase Global, Galaxy Digital and BitGo. Emerging players are Circle Internet Group, Anchorage Digital and Paxos. Hong Kong BGE Group is listed as a regional player.
Does OSL Group have an API?
Yes. OSL Group exposes a public API. Developer documentation is at osl.com/reference/introduction.
What industry is OSL Group in?
OSL Group's product category is Digital Asset Exchange & Stablecoin Infrastructure. Its primary akta.pro industry code is FSAFANAO, Digital Asset/Crypto Trade Execution Platforms, with a secondary code of FSAPADAH, OTC Desks & Block Trading Networks. Its NAICS code is 5232 and its SIC code is 6200.