Hong Kong awards stablecoin licences to HSBC, StanChart-led group in long-awaited roll-out

AdvertisementFintechBusinessCryptocurrencyDevelopingHong Kong awards stablecoin licences to HSBC, StanChart-led group in long-awaited roll-outEight months after Hong Kong’s Stablecoin Ordinance took effect, two issuers were given the green light to conduct business3-MIN READ3-MIN ListenEnoch YiuPublished: 5:09pm, 10 Apr 2026Updated: 5:41pm, 10 Apr 2026HSBC and a consortium led by Standard Chartered have been awarded Hong Kong’s first stablecoin issuer licences, marking the city’s latest step towards embracing cryptocurrency’s most-traded cash substitute in its bid to become a global digital asset hub.“The two applicants have experience in traditional financial and risk management, which fits the mission of stablecoins that aim to bridge traditional finance and digital finance,” said Hong Kong Monetary Authority (HKMA) deputy chief executive Darryl Chan.Eight months after Hong Kong’s Stablecoin Ordinance, one of the world’s first such laws, took effect, the two issuers were given the green light to conduct business, the HKMA announced on Friday. The authority had revealed that it would only grant a small number of licences after assessing 36 applications.AdvertisementInitially, the two firms will only issue Hong Kong dollar-pegged stablecoins for domestic and cross border payments and digital assets trading. The two licensees were expected to launch the stablecoins in the second half of this year, Chan said.Friday’s announcement confirms an exclusive South China Morning Post report a month ago naming HSBC and a Standard Chartered-led group as the likely awardees.AdvertisementThe announcement came later than initially expected, with industry players attributing that to a slower-than-expected review process.AdvertisementSelect VoiceSelect Speed0.8x0.9x1.0x1.1x1.2x1.5x1.75x00:0000:001.00x