HKMA Set to Grant First Hong Kong Stablecoin Licenses to HSBC and Standard Chartered

Hong Kong’s Monetary Authority (HKMA) is reportedly preparing to grant the city’s first regulated fiat-backed stablecoin issuer licences to major banks, with HSBC and a joint venture led by Standard Chartered named by multiple outlets as expected recipients.

“HSBC and Standard Chartered are expected to be among Hong Kong’s first registered stablecoin issuers, according to aBloomberg reporton March 13”

BanklessTimes

Cointelegraph reported that “HSBC Holdings and a joint venture led by Standard Chartered are reportedly set to become the first authorized stablecoin issuers in Hong Kong,” while The Block said “HSBC and Standard Chartered are expected to be among the first recipients of Hong Kong's stablecoin licenses, according to reports by the South China Morning Post and Bloomberg.”

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Gadgets 360 likewise noted that “HSBC and Standard Chartered could soon become among the first institutions to receive stablecoin issuer licences in Hong Kong, according to a new report,” and TradingView summarized the timing as “HKMA targets the first stablecoin licenses in March.”

Reports say Hong Kong is prioritising established banks — especially note-issuing banks — to issue the first stablecoins as a way to bolster trust and stability.

Cointelegraph explained authorities were “reportedly prioritiz[ing] institutions already authorized to issue banknotes in the city,” Invezz described the approach as “HKMA prioritizes banks for stablecoin rollout to ensure stability,” and Traders Union wrote that “The HKMA views banks as the most reliable candidates to launch this new class of digital assets.”

Cointelegraph

TradingView relayed industry commentary that selecting note-issuing banks could “bypass[] the trust gap of native crypto issuers by using institutions that already underpin the Hong Kong dollar,” quoting a spokesperson for Icon.Partners.

Timing and scale remain tentative: multiple outlets reported a possible late‑March window for approvals and said the HKMA expects only a small initial cohort from dozens of applicants.

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Gadgets 360

Invezz flagged that “the approvals could come within the next two weeks, with the SCMP report pointing to a possible date of March 24,” The Block noted that in his budget speech Financial Secretary Paul Chan said the government planned to issue the first batch in March, and TradingView relayed HKMA Chief Executive Eddie Yue’s comment that the regulator expects the first batch to include a “very small number” of issuers.

Several outlets also put the total applicants at 36, with TradingView stating “In September, the HKMA said it received applications from 36 institutions for a license to issue stablecoins,” and The Block referencing 36 applications under the new framework.

The approvals follow a multi-year regulatory push: Hong Kong enacted legislation and ran a stablecoin sandbox to test models before licensing.

TradingView reported that “The Hong Kong government enforced the Stablecoin Ordinance, a statutory framework for regulating stablecoins, in August 2025,” Gadgets 360 said the legislature passed a bill in May 2025 establishing a licensing regime under the HKMA, and The Block and Traders Union described a 2024 sandbox that included a joint venture led by Standard Chartered with Animoca Brands and Hong Kong Telecommunications.

TradingView

Invezz added that HSBC did not participate in the HKMA-led sandbox while Standard Chartered’s joint venture was a participant in the pilot.

If confirmed, the move would be framed by multiple outlets as a strategic push to position Hong Kong as a regulated digital‑asset hub while managing risks.

“PortalCripto/latest crypto news/Hong Kong prepares licenses for stablecoins with HSBC and Standard Chartered Hong Kong is preparing to enter a new phase of cryptocurrency regulation”

PortalCripto

Cointelegraph called the approvals “a major step toward Hong Kong’s ambition to become a global digital asset hub,” TradingView described the selection of bank issuers as “a major step in legal engineering,” and Invezz noted the policy aims to balance innovation with risk control amid tighter mainland rules.

BanklessTimes

The broader context includes mainland measures that have tightened offshore and onshore tokenisation activity, with Invezz noting that “mainland China has taken a stricter stance on digital asset activity” and that regulators recently moved against onshore tokenisation and yuan‑pegged offshore stablecoins.