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Article: Hong Kong poised to grant first stablecoin licences to HSBC, Standard Chartered: sources

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Hong Kong is expected to grant its first stablecoin licences to major banks HSBC and a Standard Chartered-led venture within weeks. This marks a key step in the city's stringent regulatory approach following its Stablecoin Ordinance, aiming to manage financial risks while establishing itself as a digital asset hub.

The regulatory regime is initially focused on stablecoins pegged to the Hong Kong dollar. The potential inclusion of HSBC is notable as it did not participate in the regulatory sandbox, unlike Standard Chartered.

The main topics covered are Hong Kong's stablecoin licensing process, the involvement of major traditional banks (HSBC and Standard Chartered), and the city's dual goals of financial system stability and becoming a global digital asset centre.

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https://www.scmp.com/business/cryptocurrency/article/3346311/hong-kong-poised-grant-first-stablecoin-licences-hsbc-standard-chartered-sources?utm_source=rss_feed

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Tech - South China Morning Post

Published Date

2026-03-12 09:00

Fetched Date

2026-03-12 06:30

Processed Date

2026-03-12 06:31

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Present

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Exclusive | Hong Kong poised to grant first stablecoin licences to HSBC, Standard Chartered: sources
The approvals would mark a milestone in Hong Kong’s push to regulate stablecoins while positioning itself as a global digital asset centre
HSBC and a joint venture led by Standard Chartered are expected to be among the first companies to obtain Hong Kong’s stablecoin licences within two weeks, according to people familiar with the matter.
The number of licences and timetable had yet to be finalised and remained subject to change, but sources said a possible date was March 24. The two banks declined to comment. The Hong Kong Monetary Authority (HKMA) last month revealed that a small number of stablecoin licences would be granted this month after assessing 36 applications.
The possible approval of established players reflects the city’s stringent approach to regulating stablecoins – cryptocurrencies typically pegged to a fiat currency – since its Stablecoin Ordinance took effect last August.
Hong Kong is seeking to prevent potential destabilisation of the financial system amid the faster flow of money enabled by blockchain technology, while strengthening its bid to become a global digital asset hub.
Industry sources said Hong Kong’s stablecoin licensing regime would likely focus initially on the local currency, with Standard Chartered having already stated plans to issue a Hong Kong dollar-pegged stablecoin.
The potential approval of HSBC, Hong Kong’s largest bank by assets, comes as a surprise given that it did not participate in the HKMA-led stablecoin issuer sandbox, unlike its peer Standard Chartered.