- HSBC and a Standard Chartered venture are poised to be the first authorized stablecoin issuers in Hong Kong.
- The Hong Kong Monetary Authority (HKMA) is expected to grant licenses, potentially starting on March 24.
- This follows the enforcement of Hong Kong’s Stablecoin Ordinance in August 2025, which bans unlicensed retail stablecoin offerings.
- The regulator received 36 license applications by September, prioritizing existing banknote-issuing institutions.
Hong Kong’s financial landscape is set for a historic shift as HSBC Holdings and a joint venture led by Standard Chartered are reportedly on track to become the city’s first licensed stablecoin issuers, according to people familiar with the matter. This move marks a major step in the region’s ambition to become a global digital asset hub.
The Hong Kong Monetary Authority (HKMA) is expected to grant the licenses, the South China Morning Post reported Thursday. Authorities are reportedly prioritizing institutions already authorized to issue banknotes, which include local branches of HSBC, Standard Chartered, and the Bank of China.
Consequently, the approvals would align with earlier reports that the HKMA planned to grant the first licenses in March 2026. HKMA Chief Executive Eddie Yue said in February that the first batch would include a “very small number” of issuers.
This development follows the Hong Kong government enforcing the Stablecoin Ordinance in August 2025. The regulatory framework makes it illegal to offer unlicensed fiat-referenced stablecoins to retail investors.
Meanwhile, the HKMA has not confirmed the names of any successful applicants. Standard Chartered declined to comment, and HSBC did not immediately respond to a request for comment.
The regulator said in September it received applications from 36 institutions for a license to issue stablecoins. HSBC and Standard Chartered were among those reported to be planning to apply.
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