HSBC and Standard Chartered Set to Receive Hong Kong’s First Stablecoin Licenses
HSBC and Standard Chartered are poised to be among the first institutions granted stablecoin issuer licenses under Hong Kong’s new regulatory framework, according to reports from Bloomberg and the South China Morning Post (SCMP) published March 13, 2026.
Both banks are already note-issuing institutions in Hong Kong — a category the Hong Kong Monetary Authority (HKMA) has indicated it will prioritize for early approvals.
While no official confirmation has been issued, sources familiar with the process suggest the first licenses could be granted around March 24, 2026.
Neither HSBC nor the HKMA responded immediately to requests for comment. Standard Chartered declined to comment.
HKMA Confirms High Application Volume and March Timeline
HKMA Chief Executive Eddie Yue stated in early February 2026 that the regulator had already received 36 applications under the stablecoin licensing regime.
In his 2026–27 budget speech last month, Financial Secretary Paul Chan confirmed the government’s intention to issue the first batch of stablecoin issuer licenses in March 2026.
The licensing framework, which became fully effective on August 1, 2025, requires any firm issuing fiat-referenced stablecoins in or from Hong Kong to obtain prior approval from the HKMA.
Part of Hong Kong’s Long-Term Crypto Hub Strategy
Hong Kong has been methodically building its position as a global virtual asset hub since unveiling its crypto policy roadmap in 2022. Key milestones include:
- Full licensing regime for virtual asset trading platforms (operational since 2023)
- Stablecoin regulatory framework (effective August 2025)
- Stablecoin sandbox program launched in 2024 (testing real-world designs)
Notably, one sandbox participant was a joint venture led by Standard Chartered, Animoca Brands, and Hong Kong Telecommunications (HKT) — further strengthening the case for Standard Chartered’s early approval.
Strategic Implications for the Stablecoin Market
If HSBC and Standard Chartered receive licenses in the first wave, it would:
- Send a powerful signal of confidence in Hong Kong’s regime
- Likely accelerate institutional adoption of HKD– or USD-pegged stablecoins issued locally
- Increase competition in the Asia-Pacific region against dominant USDT and USDC
Hong Kong is positioning itself as a regulated, innovation-friendly bridge between traditional finance and digital assets — distinct from the U.S. (GENIUS Act) and EU (MiCA) approaches.
Market & Investor Takeaways
- Positive signal for institutional trust — Major banks entering the space would reinforce Hong Kong’s credibility
- Potential boost for regulated on/off-ramps — Licensed issuers could facilitate compliant fiat-crypto flows
- Watch March 24 — Approvals around this date would likely trigger immediate market attention
Until the HKMA makes an official announcement, the market remains watchful but not yet reactive.
Stay tuned — The Block will continue monitoring for confirmation of the first license recipients.
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