HSBC and Standard Chartered Expected to Receive First Hong Kong Stablecoin Licenses

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• HSBC and Standard Chartered are expected to be among the first recipients of Hong Kong stablecoin licenses.
• The Hong Kong Monetary Authority (HKMA) has reportedly received 36 applications under the new framework.
• The first licenses could be issued around March 24.
• The initiative is part of Hong Kong’s broader strategy to become a global crypto hub.

HSBC and Standard Chartered Expected in First Licensing Batch

Major international banks HSBC and Standard Chartered are expected to be among the first institutions to receive stablecoin issuer licenses in Hong Kong, according to reports from Bloomberg and the South China Morning Post.

Sources familiar with the matter indicated that the two banks could be included in the initial batch of approvals under Hong Kong’s new regulatory framework for stablecoins. The licensing regime requires any company that intends to issue stablecoins in the city to obtain authorization from the Hong Kong Monetary Authority (HKMA).

The reports also suggested that the first licenses may be granted around March 24, although the final timeline has not yet been confirmed by regulators.

HKMA Received Dozens of Applications

Hong Kong Monetary Authority Chief Executive Eddie Yue previously revealed that the regulator had received 36 applications from companies interested in issuing stablecoins under the new regulatory system.

The HKMA has indicated that note-issuing banks, including HSBC and Standard Chartered, may receive priority during the initial approval phase due to their established roles within Hong Kong’s financial system.

However, the regulator has not officially confirmed which applicants will be approved first. An HKMA spokesperson declined to comment on market speculation surrounding potential license recipients. HSBC did not immediately respond to requests for comment, while Standard Chartered declined to comment on the reports.

Stablecoin Framework Part of Hong Kong’s Crypto Strategy

Hong Kong has been actively developing a regulatory framework for digital assets as part of its effort to position itself as a major global cryptocurrency hub. The government first outlined its crypto strategy in 2022, followed by the introduction of a licensing regime for crypto exchanges and regulatory guidelines for stablecoins.

In his 2026–27 budget speech, Hong Kong Financial Secretary Paul Chan confirmed that the government intends to issue the first batch of stablecoin issuer licenses in March, signaling that the regulatory rollout is entering its final stages.

Stablecoin Sandbox Tested the System

Before launching the licensing regime, Hong Kong regulators introduced a stablecoin sandbox in 2024. The program allowed potential issuers to test token designs and operational models under regulatory supervision.

HKMA announced stablecoin issuer sandbox participants on 18 July 2024. The sandbox initiative helped regulators evaluate potential risks and operational frameworks before moving toward full licensing.