HSBC, Standard Chartered tipped for first Hong Kong stablecoin licenses: Report

Hong Kong is set to issue its first stablecoin issuer licenses, with HSBC and Standard Chartered likely among a “very small number” of initially approved issuers, local media reported.

HSBC Holdings and a joint venture led by Standard Chartered are reportedly set to become the first authorized stablecoin issuers in Hong Kong.

The Hong Kong Monetary Authority (HKMA) is expected to issue stablecoin licenses to HSBC and Standard Chartered, the South China Morning Post reported Thursday, citing people familiar with the matter. HSBC and Standard Chartered are set to be in the first batch as authorities reportedly prioritize institutions already authorized to issue banknotes in the city.

The Hong Kong government, through the HKMA, authorizes banknote issuance to three commercial banks, including local branches of HSBC, Standard Chartered and the 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 mark a major step toward Hong Kong’s ambition to become a global digital asset hub despite neighboring mainland China reportedly making it harder to launch stablecoins in the region.

HKMA targets the first stablecoin licenses in March

According to the SCMP, the number of licenses and timetable had yet to be finalized and remained subject to change, but the sources indicated a possible date on March 24.

Though unconfirmed, potential stablecoin issuer licenses for HSBC and Standard Chartered would align with earlier reports that the HKMA planned to grant the first licenses in March 2026.