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HSBC and Standard Chartered are preparing to become the first licensed stablecoin issuers in Hong Kong, Bloomberg reports, citing sources.
The first licenses are expected to be issued as early as March 2026.
The Hong Kong Monetary Authority (HKMA) is prioritizing these financial institutions, believing the participation of major banks will ensure the sector's security and accelerate the mass adoption of digital assets as part of the city's strategy to transform it into a global "crypto hub."
The authorities previously received 36 applications from various organizations, but only a small number will be approved initially. This will allow the government to ensure the sustainability of issuers' business models and their strict compliance with regulatory requirements. Any stablecoins pegged to the Hong Kong dollar are now subject to mandatory licensing by the HKMA.
This initiative is a logical continuation of Hong Kong's policy to develop the digital economy, launched in 2022. The launch followed work in a sandbox for stablecoin issuers, which involved a joint venture between Standard Chartered, Animoca Brands, and other partners.