Hong Kong is rapidly strengthening its position in the race to become a global crypto hub — and it’s placing its bets on major banking giants. According to Bloomberg, HSBC and Standard Chartered are likely to become the first officially licensed stablecoin issuers in the region. Sources suggest that approvals could arrive as early as March 2026.
The Hong Kong Monetary Authority (HKMA) is clearly prioritizing large financial institutions. The reasoning is straightforward: involving globally recognized banks should boost market trust, reduce risks, and accelerate the integration of digital assets into the everyday economy.
Interest in launching stablecoins in the region has been strong, with authorities receiving 36 applications from various organizations. However, only a limited number of participants will be approved in the initial phase. This cautious approach allows regulators to test the resilience of business models and ensure strict compliance with regulatory standards.
Notably, any stablecoins pegged to the Hong Kong dollar will now require mandatory licensing from the HKMA, effectively eliminating unregulated issuance in the market.
This move is part of a broader, long-term strategy. Since 2022, Hong Kong has been actively building its digital asset ecosystem. Before moving toward full implementation, regulators conducted trials within a “sandbox” environment, where potential issuers tested their models. Among the participants was a consortium involving Standard Chartered, Animoca Brands, and other industry players.
If everything goes according to plan, Hong Kong could soon become one of the first jurisdictions where stablecoins evolve from experimental tools into a fully regulated component of the financial systеm.