After two years, Hong Kong's first batch of stablecoin licenses finally issued: HSBC, Standard Chartered make the cut

Original Title: "Two Years in the Making, 36 into 2! Hong Kong's First Stablecoin License Issued, HSBC and Standard Chartered In"

Original Author: Golem, Odaily Planet Daily

Hong Kong's first batch of stablecoin licenses has finally been issued.

At 5 p.m. on April 10, the Hong Kong Monetary Authority announced that the first batch of stablecoin issuers' licenses were granted to two institutions, namely HSBC and Anchorage Financial Technologies Limited (a joint venture established by Standard Chartered Bank in Hong Kong, Hong Kong Telecom, and Anquan Group). The Authority also stated that based on the current business plans of the two institutions, regulated stablecoins in Hong Kong will be launched gradually from the middle to the second half of this year.

Eddie Yue, Chief Executive of the Authority, stated: "Granting stablecoin issuer licenses is a significant milestone for the development of digital assets in Hong Kong. The regulatory framework provides an orderly operating environment, allowing stablecoin issuers to safeguard user rights and control related risks properly while applying innovative technology, thus promoting the healthy, responsible, and sustainable development of the stablecoin ecosystem in Hong Kong.

I look forward to the issuers launching their businesses as planned, actively exploring development opportunities while managing risks effectively, promoting the application of compliant stablecoins, addressing pain points in financial and economic activities, creating value for citizens and enterprises, and driving the healthy development of digital assets in Hong Kong."

Earlier reports indicated that in mid-March 2026, the Hong Kong Monetary Authority completed the final review of the first batch of applications it received, totaling 36 applications. The initial license issuance was planned for 2–3 licenses, with strict regulatory standards. Previously, OSL Group (863.HK) was considered likely to receive one license but unfortunately was not selected today.

OSL Group stated today, "We welcome the Hong Kong Monetary Authority's issuance of the first stablecoin issuer licenses under the Stablecoin Ordinance and will continue to collaborate closely with stakeholders to actively participate in the development of Hong Kong's compliant stablecoin ecosystem."

After Two Years, Hong Kong's Compliant Stablecoin Finally Arrives

The issuance of Hong Kong's first batch of stablecoin licenses marks a new phase in the implementation of Hong Kong's stablecoin regulatory framework. However, the actual landing of this stablecoin compliance license, after a full two years of anticipation in the market, represents an achievement for Hong Kong after a meticulous game between financial innovation and regulatory security.

Looking back two years ago to March 2024, the Hong Kong Monetary Authority (HKMA) officially launched the "Stablecoin Issuer Sandbox Arrangement," which was a crucial starting point for Hong Kong's stablecoin regulation to move towards practical implementation. The market saw Hong Kong's regulatory openness to crypto finance, attracting many institutions, including traditional financial giants and native Web3 enterprises, to apply to participate in the sandbox experiment.

In July of the same year, after 4 months of review, HKMA announced sandbox participants, including JD Coin Chain Technology (Hong Kong) Limited, Circle Coin Innovation Technology Limited, Standard Chartered Bank (Hong Kong) Limited, AN Group Limited, and Hong Kong Telecommunications (HKT) Limited, these 5 institutions qualified for participation.

Market expectations were ignited as this indicated that Hong Kong's stablecoin regulation had entered the stage of specific institutional testing and regulatory coordination, bringing Hong Kong closer to formally incorporating stablecoins into the regulatory framework.

Hong Kong's stablecoin sandbox experiment lasted for a year, until August 1, 2025, when the Hong Kong Stablecoin Ordinance came into effect, the stablecoin issuer regulatory system was officially implemented, marking a key milestone in Hong Kong's virtual asset development and signaling the entry of Hong Kong stablecoins into the licensed regulatory era.

The second half of 2025 also coincides with the peak of the narrative convergence between crypto and traditional finance, such as RWA, tokenization of stocks, and publicly traded companies adopting crypto treasuries. With the Hong Kong Stablecoin Ordinance in effect, the market expects that Hong Kong's crypto finance will enter a new era of great exploration.

Therefore, when HKMA opened the first round of stablecoin issuer license applications, market statistics showed that over 70 companies were interested in applying for a Hong Kong stablecoin license, including financial institutions, Web2 internet companies, and blockchain enterprises.

However, just as the situation was heating up, Hong Kong's stablecoin and RWA businesses faced regulatory cooling. In September 2025, it was rumored in the market that companies engaged in stablecoin and RWA businesses in Hong Kong were "warned," requiring institutions to maintain a low profile in their involvement with stablecoin and RWA businesses.

At the same time, the participation of Chinese enterprises in Hong Kong's stablecoin business was strictly monitored. According to Caixin's report at the time, as Hong Kong's stablecoin business was still in its infancy, excessive participation by Chinese institutions could bring risks, so preemptive risk isolation was required.

This sudden turn of events directly led to a sharp decrease in companies applying for Hong Kong stablecoin licenses. Not only did Chinese banks and central enterprises withdraw one after another, but Web2 internet companies also suspended their stablecoin issuance plans. In October 2025, it was revealed by insiders that Ant Group under Alibaba and JD.com had both suspended their plans to issue stablecoins in Hong Kong.

Ultimately, HKMA only received stablecoin license applications from 36 institutions, and the market subsequently calmed down.

In early February of this year, Eddie Yue, the Chief Executive of the HKMA, stated that they aimed to issue the first batch of stablecoin issuer licenses in Hong Kong by March of this year. He also emphasized, "The number of licenses issued in the first batch will certainly not be many, with prudence as the goal."

Going back to the present, it has been over 8 months since the enactment of the Hong Kong "Stablecoin Regulation." Today marks the landing of the first batch of stablecoin licenses in Hong Kong. Over the past two years, the market has urged, capital has been enthusiastic, concepts have been hyped, and regulation has also been in control. After many hardships, the compliance path of Hong Kong's stablecoin has finally been completed from "sandbox testing–legislation–application review–official licensing."

The Era of Hong Kong Stablecoins Is Coming

Undoubtedly, the landing of the first batch of stablecoin licenses in Hong Kong is another important milestone in its progress toward becoming an "International Digital Asset Financial Center."

For Hong Kong, this issuance means that the regulation of stablecoins in Hong Kong is no longer merely at the institutional level. With licensed institutions actually carrying out stablecoin businesses, such as cross-border payments, digital securities, and DeFi, Hong Kong's digital financial market will be more vibrant. In the future global digital financial system, Hong Kong will have more say and seize the strategic high ground of "digital coinage rights."

Looking more specifically at the market level, after the issuance of the first batch of licenses, the Hong Kong crypto market has the opportunity to see another wave of vitality. In the past, when many people mentioned Hong Kong stablecoins, they still thought of forums, summits, expectations – all lively, but always a half step away from actual business. Now, the first licensed companies can legitimately conduct stablecoin businesses, exploring the potential of the Hong Kong market in areas such as cross-border payments, institutional settlements, and on-chain finance.

Of course, the issuance of the first batch of licenses does not mean that the market situation is set in stone. Although pioneers will have a leading advantage, it does not mean that latecomers cannot surpass them. Only when the second and third batches of licenses are issued in the future will the market formally enter a stage of competition in terms of execution and products and services.

Therefore, the issuance of the first batch of licenses is not the climax of the Hong Kong stablecoin story; on the contrary, it is just the beginning. The era of Hong Kong stablecoins is about to arrive.

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