Bitfire Accelerates Stablecoin Push Despite Significant Loss

Bitfire, a Hong Kong-based cryptocurrency firm, has announced plans to expand its stablecoin offerings despite posting a significant net loss in the first half of 2026. The company reported a HK$245 million loss, nearly 19 times larger than the HK$12.3 million recorded in the same period last year.

The loss was attributed to a decline in the value of held crypto assets and rising expenses related to professional services, customer capabilities, and research and development. Despite this setback, Bitfire's CEO, Livio Weng, remains optimistic about the potential of stablecoins in Hong Kong's Web3 ecosystem.

Weng has stated that stablecoins are a 'core pillar' of Hong Kong's digital financial infrastructure and plans to prioritize integrating compliant stablecoins into its clearing and settlement systems. With hundreds of institutional clients on board, Bitfire is positioning itself as a potential integration partner for licensed stablecoin issuers.