Share
Hong Kong is preparing to grant its first stablecoin issuer licenses, a development that could place major global banks at the center of the city’s regulated digital-asset market.
Reports from Bloomberg and the South China Morning Post indicate that HSBC and Standard Chartered are likely to appear in the first round of approvals under a new framework overseen by the Hong Kong Monetary Authority.
The first licenses could arrive within weeks, potentially around March 24, though regulators have yet to confirm a final timeline.
🚨HSBC & STANDARD CHARTERED NEAR HONG KONG STABLECOIN LICENSE
HSBC and a venture led by Standard Chartered could be among the first to receive Hong Kong stablecoin licences, possibly by March 24.
The HKMA is reviewing 36 applications with few licenses set for initial release. pic.twitter.com/o2lK4zRvTm
— Coin Bureau (@coinbureau) March 13, 2026
Hong Kong introduced its stablecoin licensing regime through the Stablecoin Ordinance, which took effect in 2025. The law requires any issuer of fiat-referenced stablecoins to obtain authorization from the HKMA before launching tokens tied to currencies such as the Hong Kong dollar.
The regulator has received 36 applications from firms seeking stablecoin issuer permits, HKMA Chief Executive Eddie Yue said in February 2026. Authorities have indicated that only a limited number of licenses will be granted in the first round.
🇭🇰 Hong Kong Aims to Issue First Stablecoin Licenses in March
Hong Kong Monetary Authority (@hkmagovhk) Chief Executive Eddie Yue said the city’s Stablecoin Ordinance, which took effect on Aug 1 last year, has received 36 license applications in the first round.
HKMA is… pic.twitter.com/RBsR5yavdR
— ME Group (@MetaEraHK) February 2, 2026
Financial Secretary Paul Chan, also confirmed in his, 2026–27 budget speech that the government intends to issue the first batch of permits this year as part of the city’s expanding digital-asset framework.
Among the applicants, HSBC and Standard Chartered appear well positioned for early approval.
Both banks are long-standing note-issuing institutions in Hong Kong, a factor the regulators are expected to consider when selecting initial license holders because of their existing supervision and capital requirements.
Standard Chartered has already outlined plans to issue a Hong Kong dollar-pegged stablecoin through a joint venture involving Animoca Brands and Hong Kong Telecommunications. The partnership has been testing token use cases inside the HKMA’s stablecoin sandbox since 2024.
While HSBC notably skipped the HKMA’s 2024 stablecoin sandbox, the bank’s leadership hasn’t hidden its ambitions. CEO Georges Elhedery recently confirmed HSBC is actively engaging with regulators, viewing the city’s stablecoin framework as a strategic priority rather than a peripheral experiment.
The licensing push forms part of Hong Kong’s broader effort to position itself as a global digital-asset center.
The government began reshaping its crypto policy in 2022 by introducing a licensing system for cryptocurrency exchanges. Regulators later launched a stablecoin sandbox to test payment and settlement use cases before creating a full regulatory framework.
The licensing regime aims to establish regulatory oversight for fiat-referenced stablecoins operating in Hong Kong. Initial approvals are expected to focus on a limited number of applicants, with major banks among the institutions under consideration as regulators review submissions and compliance frameworks.
If the expected approvals move forward this month, Hong Kong would become one of the first major financial centers to formally license stablecoin issuers within a bank-led regulatory structure, potentially setting a template for other jurisdictions exploring similar frameworks.
Share
