HSBC and Standard Chartered Set to Receive Hong Kong’s First Stablecoin Licenses

Highlights:

• HSBC and Standard Chartered are set to receive stablecoin licenses.
• The first stablecoin licenses could be granted as early as March 24.
• The new licenses will bring traditional financial institutions into stablecoin markets.

Hong Kong is on the verge of issuing the first stablecoin licenses. According to the report, the move will see HSBC and Standard Chartered, two well-established financial powerhouses, take a lead in a sector that long has been dominated by crypto-native companies. The licenses are part of the continuing efforts by Hong Kong to regulate stablecoins and position itself as a leading global digital assets hub.

What the Stablecoin Licenses Mean for Hong Kong

Last year, in August, Hong Kong introduced its Stablecoin Ordinance, paving the way for a structured approach to regulation. The Hong Kong Monetary Authority (HKMA) will initially launch a limited number of licenses, which will mainly be stablecoins pegged to the Hong Kong dollar. These licenses have strict operational, capital, and reserve requirements that provide a high degree of consumer protection and system stability.

The HKMA has reviewed 36 applications of stablecoin issuers. According to the sources close to the matter, the initial stablecoin licenses are expected to be awarded by March 24. This approval will be a milestone in the digital asset regulation framework in Hong Kong. Unlike other regions, Hong Kong is adopting a strict approach to licensing and has put a lot of focus on compliance.

Hong Kong is about to drop its first stablecoin issuer licenses

Rumors say Standard Chartered, HSBC, and OSL could make the first batch as early as next week, while regulators may limit approvals to just 3 institutions to prioritize stability and trust in the market pic.twitter.com/JZ6D2hNapw

— SWFT Blockchain (@SwftCoin) March 12, 2026

HSBC and Standard Chartered Lead the Charge

The participation of HSBC in the stablecoin market particularly draws attention. Unlike its peer, Standard Chartered, the bank was not involved in the HKMA stablecoin issuer sandbox. Rather, HSBC has been concentrating on tokenization projects, such as tokenized deposits. Such efforts have put the bank in a position to become among the first licensed stablecoin issuers in Hong Kong. 

Standard Chartered has, however, been engaging in the sandbox initiative. Together with Animoca Brands and Hong Kong Telecommunications, the bank established a joint venture aimed at developing a stablecoin pegged to the Hong Kong dollar. This partnership has made Standard Chartered a major contender in the upcoming stablecoin licensing process.

We have established a joint venture, Anchorpoint Financial Limited (“Anchorpoint”) in Hong Kong, together with @StanChart (Hong Kong) and HKT, to build a business model focused on the issuance and advancement of licensed stablecoins.

Anchorpoint has indicated formal interest… pic.twitter.com/XGhXmK2E7B

— Animoca Brands (@animocabrands) August 8, 2025

These licenses will be a game-changer in the stablecoin industry if approved. Large financial institutions will have the opportunity to issue licenses for stablecoins for the first time, which will enable them to provide digital currencies supported by traditional fiat currencies.

Hong Kong’s Broader Regulatory Push

The move by Hong Kong to regulate stablecoins aligns with its broader push for market oversight. In January, the Hong Kong Securities and Futures Professionals Association expressed concerns regarding new crypto regulations. The regulations impact the ability of licensed asset managers to allocate crypto assets in funds. Hong Kong is committed to the growth of its digital asset offering, especially among institutional investors.

The Hong Kong securities and futures regulator also confirmed upcoming regulations to enable institutional investors to trade in perpetual contracts. Moreover, Hong Kong recently completed a pilot program of its central bank digital currency, the e-HKD, overseen by the HKMA. This pilot demonstrated the commitment of the city to adopt blockchain technologies while complying with the local laws.