HSBC, Standard Chartered to be first recipients of Hong Kong stablecoin licenses: reports

Banking giants HSBC and Standard Chartered are expected to be among the first recipients of Hong Kong's stablecoin licenses, according to reports by the South China Morning Post and Bloomberg.

The reports, citing sources familiar with the matter, said the two banks are likely to be included in the first batch of approvals under Hong Kong's new licensing regime. Under the framework, any local firm intending to issue stablecoins must first secure a license from the Hong Kong Monetary Authority.

Both HSBC and Standard Chartered are among the city's note-issuing banks — a group that the HKMA plans to prioritize when granting stablecoin licenses. While the exact timeline for approvals has not been finalized, licenses could be issued around March 24, SCMP reported.

HSBC did not immediately respond to The Block's request for comment. Standard Chartered declined to comment, and an HKMA spokesperson said the agency does not comment on market rumors.

Stablecoin push

Hong Kong officials have previously confirmed that the first stablecoin issuer licenses will arrive soon. In his 2026-27 budget speech last month, Financial Secretary Paul Chan said the government plans to issue the first batch of stablecoin issuer licenses in March. 

HKMA Chief Executive Eddie Yue also said in early February that the regulator received 36 applications under the new framework.

The stablecoin licensing regime is part of Hong Kong's broader effort to establish itself as a global crypto hub. Since announcing its crypto strategy in 2022, the government has introduced a licensing system for crypto exchanges and established rules governing stablecoins.

Hong Kong has been testing the regulatory framework through a stablecoin sandbox launched in 2024, allowing potential issuers to experiment with token designs under regulatory supervision. Participants included a joint venture led by Standard Chartered, Animoca Brands, and Hong Kong Telecommunications.