Hong Kong's financial regulator is about to take a historic step into stablecoin oversight. According to the South China Morning Post, the first batch of stablecoin issuer licenses will likely be granted on March 24, 2026, initially limited to a “very small number” of issuers. HSBC Holdings and a joint venture led by Standard Chartered Bank — both of which already hold authorization to issue Hong Kong dollar banknotes — are seen as the most likely recipients. Sources indicate that the HKMA prioritizes these two firms because their existing banknote-issuing status gives them a head start in compliance and regulatory trust.
HKMA CEO: First Licenses for a ‘Very Small Number’
HKMA Chief Executive Eddie Yue stated in February that the first stablecoin license batch would be “very limited,” covering only a “very small number” of issuers. This aligns with market expectations that the regulator will move cautiously, first onboarding well-capitalized traditional financial institutions before opening up to a wider pool. Hong Kong’s Stablecoin Ordinance took effect in August 2025, establishing a legal framework that bans unauthorized entities from issuing fiat-pegged stablecoins to retail investors. As of September 2025, the HKMA had received 36 license applications, including submissions from HSBC, Standard Chartered, and Industrial and Commercial Bank of China.
Neither the HKMA, Standard Chartered, nor HSBC has officially confirmed any application status or approval progress. While the March 24 date has been floated, the final timeline depends on the number of licenses and confirmation of implementation details.
Hong Kong's Ambition: Becoming a Global Digital Asset Hub
The license rollout is a critical step in Hong Kong’s push to become a global digital asset center. Despite reports of resistance from mainland China adding complexity to regional stablecoin development, local regulators are pressing ahead. If HSBC and Standard Chartered secure the first licenses, it will set a compliance benchmark for the market and guide future applicants. The industry expects the Hong Kong dollar stablecoin ecosystem to accelerate once the initial licenses are issued.
Read more: Animoca Brands plans to issue a compliant HKD stablecoin in partnership with Standard Chartered and HKT; Hong Kong's Stablecoin Ordinance takes effect, Standard Chartered says it will apply for an issuer license soon; Key points of Hong Kong's stablecoin rules: licensing, supervision, bank custody; HKMA to announce stablecoin issuer license system and application process next week.