Hong Kong to Approve First Stablecoin Licenses for Banks

Hong Kong is reportedly preparing to issue its first stablecoin issuer licenses, with HSBC Holdings and a joint venture led by Standard Chartered anticipated to be among the initial recipients. The Hong Kong Monetary Authority (HKMA) is expected to prioritize institutions already authorized to issue banknotes in the city, which currently include HSBC, Standard Chartered, and the Bank of China. This move is a significant step in Hong Kong's goal to become a global digital asset hub. While the HKMA has not confirmed any successful applicants, sources suggest the first batch of licenses could be granted around March 24, aligning with earlier expectations for March 2026. The regulatory framework, the Stablecoin Ordinance, was enforced in August 2025, making unlicensed fiat-referenced stablecoins illegal for retail investors.

(Source：Cointelegraph)