HSBC Holdings and Standard Chartered will likely receive the first stablecoin licenses in Hong Kong. This move positions two of the city’s three note-issuing banks at the center of the government's regulated global digital asset hub.
The Hong Kong Monetary Authority (HKMA) is prioritizing well-capitalized, bank-led issuers to ensure stability and wider adoption. Regulators may grant the first licenses as early as this month.
The HKMA is reviewing 36 applicants for the program. Notably, Standard Chartered participated in the HKMA stablecoin sandbox while HSBC did not.