HSBC Holdings and a joint venture led by Standard Chartered will reportedly become the first authorized stablecoin issuers in Hong Kong.
The Hong Kong Monetary Authority (HKMA) is expected to grant stablecoin licenses to HSBC and Standard Chartered, the South China Morning Post reported on Thursday, citing people familiar with the matter. HSBC and Standard Chartered are in the lead, with authorities reportedly giving preference to institutions already authorized to handle money in the city.
The Hong Kong government, through the HKMA, authorizes the issuance of money to three commercial banks, including local branches of HSBC, Standard Chartered and Bank of China.
The Hong Kong Monetary Authority has not confirmed the names of any successful applicants. Standard Chartered declined to comment and HSBC did not immediately respond to a request for comment.
The approvals would be a big step towards Hong Kong’s dream of becoming a global hub for digital assets, despite reports that neighboring mainland China is making it more difficult for stablecoins to launch in the region.
The HKMA is targeting the first stablecoin licenses in March
According to the SCMP, the number of licenses and the timetable were not finalized and are subject to change, but sources indicated a possible date of March 24.
Although not confirmed, the potential stablecoin issuer licenses for HSBC and Standard Chartered are consistent with previous reports that the HKMA plans to issue the first licenses in March 2026.
HKMA chief executive Eddie Yue said in February that the regulator expects the first batch of stablecoin issuer licenses to include a “very small number” of issuers.
The Hong Kong government introduced a stablecoin regulatory framework in August 2025 that made it illegal to offer or promote unlicensed stablecoins to retail investors.
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In September, the HKMA said it had received applications from 36 institutions for licenses to issue stablecoins. HSBC and Standard Chartered were among the institutions that made the decision, along with the Industrial and Commercial Bank of China.
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