Banking heavyweights HSBC and Standard Chartered are expected to be among the first institutions to receive stablecoin issuer licenses from the Hong Kong Monetary Authority (HKMA), according to a report by Bloomberg. The move would mark a definitive step in the city’s ambition to cement itself as a premier global hub for digital assets.
Citing sources familiar with the matter, the reports indicate that these two financial giants—both of which are authorized to issue Hong Kong’s physical banknotes—are likely to be included in the inaugural batch of approvals under the region’s new regulatory framework. Under this regime, any local firm intending to issue stablecoins must secure a formal license from the HKMA. The regulator has reportedly signaled that it will prioritize established note-issuing banks during the initial roll-out.
While a definitive timeline has not been made public, industry insiders suggest that the licenses could be granted as early as March 24. When reached for comment, Standard Chartered declined to weigh in, while an HKMA spokesperson stated that the agency does not comment on market rumors. HSBC did not immediately respond to requests for clarification.
The anticipated approvals follow a series of high-level government endorsements. In his 2026-27 budget speech last month, Financial Secretary Paul Chan confirmed the government’s intent to issue the first batch of stablecoin licenses within the month of March. This follows an announcement by HKMA Chief Executive Eddie Yue in early February, noting that the regulator had already processed 36 applications under the new framework.
This licensing push is the latest pillar in Hong Kong’s aggressive crypto strategy, which was first unveiled in 2022. Since then, the city has implemented a rigorous licensing system for retail crypto exchanges and established clear rules for digital currencies pegged to fiat.
The groundwork for these upcoming licenses was laid through a “stablecoin sandbox” launched in 2024. The sandbox allowed potential issuers to test token designs and operational workflows under direct regulatory supervision. Notably, one of the participants in that testing phase was a joint venture led by Standard Chartered, alongside Animoca Brands and Hong Kong Telecommunications.
