Standard Chartered, HSBC Move to the Front of Hong Kong’s Stablecoin Race
HSBC and Standard Chartered are set to receive Hong Kong's first stablecoin issuer licenses from the HKMA.Summary
The Hong Kong Monetary Authority (HKMA) is preparing to grant its first stablecoin issuer licenses under the Stablecoins Ordinance, which took effect in August 2025, with HSBC and Standard Chartered positioned to be among the initial recipients after the HKMA reviewed 36 applications. The HKMA is prioritizing banks that already hold note-issuing authority, like these two, due to their stronger capital reserves and regulatory oversight, a move that could significantly boost institutional and retail adoption of tokenized payments in Hong Kong. Standard Chartered had previously participated in the HKMA's sandbox via a joint venture, while HSBC's status as the largest bank by assets bolstered its application. This licensing push is part of Hong Kong's broader strategy to become a digital-asset hub, contrasting with mainland China's recent ban on onshore tokenization of real-world assets.
(Source：BeInCrypto)