HSBC, Standard Chartered Secure Hong Kong's First Stablecoin Licenses
The Hong Kong Monetary Authority has approved the first stablecoin licenses under the Stablecoins Ordinance, awarding them to HSBC and Standard Chartered Group. These approvals — the first since the ordinance came into effect in August 2025 — authorize the banks to operate regulated stablecoin businesses in the territory, a notable step in Hong Kong’s move to bring traditional banks into the digital-asset space.
The decisions provide clearer regulatory pathways for institutional stablecoin issuance and custody, and could help bridge on‑ and off‑ramp frictions for corporate and cross‑border payments. For markets, the licenses signal Hong Kong’s intent to be a hub for regulated digital assets and may prompt other legacy financial institutions and issuers to seek approvals or partnerships, increasing competition and potentially boosting mainstream adoption of bank-backed tokenized money.