HSBC, Standard Chartered could be first HK stablecoin issuers

HSBC and Standard Chartered are likely to be in the first batch of licensed stablecoin issuers in Hong Kong, potentially as soon as March 24, according to people familiar with the matter. The Hong Kong Monetary Authority has not confirmed any approvals, and the initial group is expected to be very small.

The people indicated HSBC Holdings and a Standard Chartered-led joint venture are expected to be among the first authorized issuers, with the timetable and number of licenses still subject to change. The regime covers fiat-referenced stablecoins, digital tokens designed to track currencies such as the Hong Kong dollar or the U.S. dollar.

Authorities are prioritizing institutions already authorized to issue banknotes in the city, according to the people. Hong Kong permits three banks to issue banknotes: HSBC, Standard Chartered and Bank of China.

The HKMA has not named any successful applicants. Standard Chartered declined to comment. HSBC did not immediately respond to a request for comment.

In February, HKMA Chief Executive Eddie Yue described the first batch as “a very small number” of issuers. Earlier guidance pointed to March 2026 as the target for initial approvals.

The Stablecoin Ordinance took effect in August 2025, creating a statutory framework for fiat-referenced stablecoins and making it illegal to offer or promote unlicensed products to retail investors. The rules bring issuance, reserve management and disclosures under formal oversight.

In September, the HKMA reported receiving 36 license applications. If granted, the upcoming approvals would be the first since the ordinance came into force and would set expectations for how issuers manage reserves and operate in Hong Kong’s market.