HSBC and Standard Chartered set to receive first stablecoin licenses in Hong Kong under HKMA framework

Hong Kong is moving forward with its stablecoin licensing regime. According to Bloomberg (March 13, 2026), HSBC and Standard Chartered are expected to be among the first approved stablecoin issuers under the Hong Kong Monetary Authority's framework, with licenses potentially issued as early as this month.

The HKMA has received 36 applications and has signaled it will approve only a small number initially, prioritizing well-capitalized institutions with proven regulatory compliance. The regulator explicitly favors bank-led issuers for their capital strength and ability to support broader adoption.

A few things worth noting about what this signals:

Hong Kong is moving faster than most jurisdictions on stablecoin regulation. The U.S. GENIUS Act is still working through implementation while Hong Kong is issuing its first licenses this month.

Bank-issued stablecoins backed by HKD represent a different risk profile than algo stablecoins or offshore USD stablecoins. HKMA's preference for note-issuing banks as the first licensees is a deliberate trust-building move.

The 2024 sandbox already included a Standard Chartered joint venture with Animoca Brands, so this isn't a cold entry. There's infrastructure groundwork already in place.

The open question is what this means for the broader stablecoin ecosystem in Asia. 36 applications for a small number of licenses means a lot of rejected issuers will be looking at alternative structures.

Source: Bloomberg