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 and the HKMA did not immediately respond to The Block’s requests for comment. Standard Chartered declined to comment.
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.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
