Hong Kong plans to approve first stablecoin licenses for HSBC and Standard Chartered under new crypto rules to strengthen its digital asset hub strategy.
Hong Kong is preparing to approve its first stablecoin licenses. HSBC and Standard Chartered may get their heads approved early, reports say. The move serves as a signal that Hong Kong is looking for greater control over digital money. Officials also desire trusted banks to take the lead in the new system.
Hong Kong Moves Ahead with Stablecoin Licensing Plan
According to the South China Morning Post, the banks may join the first approval group. The new rules require the first permission of every stablecoin issuer. The license must be given by the Hong Kong Monetary Authority before any launch.
🚨 BREAKING: HSBC and Standard Chartered are set to receive some of the first stablecoin issuer licenses in Hong Kong. 🇭🇰
BULLISH 🔥 pic.twitter.com/68hvbUcht6
— Real World Asset Watchlist (@RWAwatchlist_) March 13, 2026
Authorities want good companies in the first round. As such, they are opting for banks that already issue banknotes in Hong Kong. These banks include HSBC, Standard Chartered. Officials believe that trusted banks can keep the system stable.
Hong Kong developed the new rules in the stablecoin ordinance. The law started in August 2025. It requires all fiat-backed stablecoin issuers to hold a license. In addition, the law requires a strong reserve support and rapid redemption. Regulators want to see every token to be 100% supported by safe assets.
Sources said only a few applicants will pass the first round. Earlier, a total of around 36 firms showed interest. However, officials want strict control at the beginning. Therefore, they will give approval only to a few companies first. This plan is to not to put the financial system in harm’s way.
Banks Expected to Lead Hong Kong Digital Asset Strategy
Hong Kong also wants to be a center in global digital assets. Stablecoins can support digital trade and payments, officials believe. Licensed tokens may provide greater cross-border transfer speed. They can also help companies to move money quickly between accounts.
Standard chartered already announced plans for a stablecoin in the form of a Hong Kong dollar. The bank was a part of the stablecoin sandbox from 2024. It worked with Animoca Brands and HKT in testing. The sandbox allowed firms to test out stablecoin ideas in a safe environment.
HSBC did not participate in the sandbox program. However, the bank worked on tokenization projects before. One example is Project Ensemble, which researched digital asset settlement. Because of this work, regulators still perceive HSBC to be experienced.
On the other hand, Hong Kong is taking action while mainland China continues to maintain strict crypto limits. China recently prohibited some tokenization activities and off-shore yuan stablecoins. Therefore, Hong Kong wants clear rules to attract the global companies. Officials believe an effective regulation will help build trust with investors.
Lastly, the first licenses will demonstrate how the system will work in actual markets. If successful, more firms may join later on. Hong Kong hopes stablecoins will provide support for finance without instability. The government wants innovation but also the safety of users and banks.
