OSL Group announced its interim results for the six months ended June 30, 2026 on August 31, showing its stablecoin payment business now accounts for 88% of total revenue. 

Total revenue reached HK$55.813 billion, up 65.8% year-on-year, and the company says it has become the world’s largest stablecoin payment infrastructure company by B2B stablecoin payment transaction volume.

The Numbers Behind the Growth

Payment business revenue specifically reached HK$49.083 billion, up 69.3% year-on-year, while total transaction volume hit HK$172.0 billion, up 241.3% year-on-year, according to OSL’s official announcement. Revenue from outside the Asia-Pacific region reached HK$7.8 billion, a tenfold increase year-on-year, pointing to expansion beyond OSL’s home market.

Kevin Cui, Executive Director and CEO of OSL Group, said the results validate the company’s shift away from business tied to short-term token price swings toward infrastructure built to endure through market cycles. 

He noted OSL reached its position as the world’s largest B2B stablecoin payment infrastructure company just 18 months after announcing its strategic upgrade, and framed the milestone as a starting point rather than an end goal.

How USDGO Fits Into the Growth Story

OSL launched USDGO, a compliant enterprise US dollar stablecoin, in February 2026, part of a broader wave of institutional stablecoin launches this year that our stablecoin news roundup has been tracking. The token is issued by Anchorage Digital Bank, N.A., the first federally chartered crypto bank in the United States, with OSL serving as its brand operator and distributor.

Within four months of launch, USDGO’s circulation surpassed $800 million, and by August 2026, six months after launch, circulation exceeded $1.2 billion, more than 24 times its initial $50 million supply. That growth puts USDGO among the top six compliant stablecoins globally by market capitalization, and makes it the largest USD-pegged compliant stablecoin operated by an Asian stablecoin operator by circulating supply.

OSL first announced the USDGO launch on X back on December 11, 2025, months before the token went live.

OSL also launched OSL AgentPay during the reporting period, a stablecoin payment infrastructure built for AI agents that supports multiple stablecoins and payment protocols, designed to let developers build automated, end-to-end autonomous payment flows.

Licensing Expansion Behind the Numbers

OSL completed its acquisition of Banxa Holdings, a global Web3 payment service provider, in January 2026, which expanded the company’s revenue sources and extended its customer base into Europe, North America, and Australia. 

During the reporting period, OSL also obtained a Markets in Crypto-Assets Regulation license from Austria’s Financial Market Authority, letting it passport regulated crypto-asset services across all 30 European Economic Area member states under a single license.

Australia’s Securities and Investments Commission separately granted OSL an Australian Financial Services Licence, allowing the company to provide institutional-grade digital asset, payment, and custody services to Australian wholesale clients.

For readers tracking how stablecoin infrastructure companies are scaling beyond crypto-native use cases into enterprise payments, OSL’s results are worth following alongside broader crypto news, since the shift toward payment volume over trading revenue reflects a wider pattern among exchange operators pivoting into infrastructure.

What this means for you: If you’re evaluating how stablecoin adoption is playing out at an enterprise level rather than through retail speculation, OSL’s results show a licensed operator generating the bulk of its revenue from payment volume rather than token trading, a distinction worth noting if you’re comparing stablecoin platforms by business model rather than price action.

This is not financial advice. OSL Group is a publicly traded company on the Hong Kong Stock Exchange, and its financial results and forward-looking statements are subject to change, so review official disclosures before making any investment decision.