HSBC, Standard Chartered Said to Be First Recipients of Stablecoin Licences in Hong Kong

HSBC and Standard Chartered could soon become among the first institutions to receive stablecoin issuer licences in Hong Kong, according to a new report. Citing sources familiar with the matter, the South China Morning Post reports the Hong Kong Monetary Authority (HKMA) is preparing to grant the city's first approvals under its new stablecoin regulatory framework. The move would allow licensed entities to issue stablecoins pegged to fiat currencies such as the Hong Kong dollar, marking a major milestone in Hong Kong's efforts to build a regulated digital asset ecosystem. 

Hong Kong Prepares First Stablecoin Approvals Under New Regulatory Framework

The report states that the initial batch of licences could be issued within weeks, although the final timeline and number of approvals remain unclear. People familiar with the discussions told the publication that HSBC and a joint venture linked to Standard Chartered could be among the first entities to receive approvals. Hong Kong regulators have reportedly received dozens of applications under the framework as authorities push ahead with plans to position the city as a global hub for digital assets. 

The banks themselves have not publicly confirmed the reports. Standard Chartered declined to comment on the matter, while HSBC did not immediately respond to requests for comment from media outlets. The HKMA has also said it does not comment on market rumours. A report by Reuters earlier indicated that the HKMA is preparing to issue the city's first stablecoin issuer licences in March 2026, though only a few approvals are expected in the initial batch.

Traditional banks have already been exploring stablecoin initiatives in several financial centres. 
In Singapore, HSBC and Standard Chartered previously worked with financial institutions and technology partners to study how tokenised assets and blockchain-based payment systems could be used in areas such as trade finance and wealth management. Hong Kong has also been advancing its own regulatory framework for stablecoins, after its legislature passed a bill in May 2025 establishing a licensing regime for fiat-referenced stablecoin issuers under the Hong Kong Monetary Authority (HKMA).

Hong Kong has gradually tightened its regulatory framework for digital assets in recent years. The city introduced a stablecoin ordinance, requiring issuers of fiat-referenced stablecoins to obtain licences and meet strict reserve and governance requirements. The anticipated approvals for banks such as HSBC and Standard Chartered could signal a growing role for traditional financial institutions in the stablecoin market as regulators attempt to bring the sector under clearer oversight.