Banking giants HSBC and Standard Chartered are expected to be among the first institutions to receive stablecoin issuer licenses in Hong Kong, marking a major step in the city’s effort to build a regulated digital-asset ecosystem.
Summary
- HSBC and Standard Chartered are expected to receive Hong Kong’s first stablecoin issuer licenses.
- The approvals would fall under the HKMA’s new stablecoin regulatory framework introduced in 2025.
- The move is part of Hong Kong’s strategy to become a global digital-asset hub while regulating stablecoin issuance.
Hong Kong poised to grant first stablecoin licenses to HSBC, Standard Chartered
The approvals, which could come within weeks, would allow banks to issue stablecoins under Hong Kong’s new regulatory regime overseen by the Hong Kong Monetary Authority (HKMA), according to Bloomberg sources.
Hong Kong introduced its stablecoin licensing framework through the Stablecoin Ordinance, which took effect in 2025 and requires issuers of fiat-referenced stablecoins to obtain regulatory approval. The law is part of the city’s broader push to position itself as a global hub for digital assets while ensuring financial stability and investor protection.
Officials have said only a limited number of licenses will be granted in the first round after regulators reviewed dozens of applications. Sources said as many as 36 firms initially expressed interest in obtaining stablecoin issuer permits.
Standard Chartered has already signaled plans to issue a Hong Kong dollar-pegged stablecoin through a joint venture, while HSBC’s potential approval is notable because the bank did not participate in the HKMA’s earlier stablecoin sandbox program used to test prospective issuers.
The move highlights Hong Kong’s attempt to strike a balance between innovation and regulation as traditional financial institutions increasingly explore blockchain-based payment systems.
Stablecoins, cryptocurrencies designed to maintain a stable value by being pegged to fiat currencies or other assets, are widely used in digital-asset markets and are increasingly being considered for cross-border payments and financial settlements.
Hong Kong’s regulatory push comes amid intensifying competition among global financial centers to attract crypto firms and digital-asset investment.
