Stablecoin News: HKMA Approves HSBC and Standard Chartered for First Licenses

Key Insights:

• Stablecoin News: HSBC and Standard Chartered may receive first HK licences by March 24.
• Only a limited number of licences will be issued; 36 firms applied.
• Standard Chartered plans HKD-backed stablecoin; HSBC skipped sandbox but is active in crypto.

Hong Kong is moving ahead with its crypto regulatory moves, especially focusing on stablecoins. In the latest stablecoin news in Hong Kong, the regulators are set to issue the first stable token licenses to banking giants HSBC and Standard Chartered.

Stablecoin News: Hong Kong Prepares to Grant First Licenses

According to the latest Bloomberg report, the Hong Kong Monetary Authority is set to release its first stablecoin licenses to HSBC and Standard Chartered. This stablecoin news has sparked widespread attention and speculation, as the approval could come within the next two weeks.

Reports also say that the approvals for these stablecoin licenses could happen as early as March 24. However, the final timing and number of licences may change.

Hong Kong Stablecoin News | Source: X

According to officials, only a limited number of licenses will be issued in the first round. So far, about 36 companies have applied for stablecoin licenses in the region. This stablecoin news reflects strong industry demand and Hong Kong’s appeal as a digital finance centre.

If approved, HSBC and Standard Chartered would become key players in Hong Kong’s plan to become a major digital-asset hub. The stablecoin news surrounding HSBC is particularly noteworthy. This is because HSBC hasn’t participated in the HKMA’s stablecoin pilot launched in 2024.

However, reports say that the platform has been actively working with both local and international players in the crypto space. The firm has also assured its commitment to being a key part of Hong Kong’s growing financial ecosystem.

At the same time, Standard Chartered has participated in the pilot through a joint venture with Animoca Brands and Hong Kong Telecom. The bank plans to launch a Hong Kong dollar-backed stablecoin through the joint venture.

Hong Kong’s Stablecoin Licensing Push

Notably, Hong Kong launched a stablecoin licensing framework through the Stablecoin Ordinance. This bill came into effect in 2025. Under the law, any company that wants to issue a stablecoin pegged to a fiat currency should have regulatory approval from the HKMA.

The move is effectively a part of the city’s broader plan to become a leading global hub for digital assets. The region also intends to keep the financial system safe, protecting investors from possible hacks and threats.

By prioritising well-established banks and financially strong institutions, regulators hope to ensure that the first wave of stablecoins will have real-world use, sustainable business models, and robust compliance with rules. This careful approach aims to foster innovation without compromising financial stability.

Stablecoin News Revealing Key Players in the Hong Kong Crypto Game

Anchorpoint, a joint venture by Standard Chartered, Animoca Brands, and Hong Kong Telecom, has been the most active participant in the HKMA’s stablecoin push. As part of the city’s sandbox, this platform has been testing stablecoins for e-commerce payments, cross-border transfers, and tokenized asset trading.

OSL Group is another major player. It recently launched USDGO, a US dollar-backed stablecoin for institutional investors. The community is expecting the firm to issue a Hong Kong dollar coin under the new rules as the latest stablecoin news garners attention.

The post Stablecoin News: HKMA Approves HSBC and Standard Chartered for First Licenses appeared first on The Coin Republic.