HSBC, Standard Chartered Venture Expected Among First Hong Kong Stablecoin License Recipients

HSBC and a joint venture led by Standard Chartered are expected to be among the first stablecoin license holders under Hong Kong's new regulatory regime, people familiar with the process said. The Hong Kong Monetary Authority framework, already in force, requires licensing for any issuer of fiat-referenced stablecoins in Hong Kong or Hong Kong dollar-linked stablecoins issued overseas, with requirements covering reserve management, par-value redemption, asset segregation, anti-money laundering controls and risk governance. HKMA Chief Executive Eddie Yue said only a "very small number" of licenses will be granted initially, and people familiar with the matter indicated approvals could come within two weeks, with March 24 mentioned as a possible date, though the timetable remains undecided. Market participants said the expected early approvals, including Standard Chartered's Anchorpoint Financial venture with Animoca Brands and HKT, would underscore a bank-led, tightly supervised path for Hong Kong's stablecoin market.