This time, Hong Kong’s stablecoin license has been issued—36 applicants for 2 spots, with HSBC and Standard Chartered both making the shortlist. What does this mean?

On April 10, 2026, the HKMA officially announced that the first batch of stablecoin issuer licensees had been granted to two institutions: HSBC on Hong Kong and Standard Chartered Bank. From 36 applications, only 2 were selected, with a very low selection rate—showing that regulation is extremely strict.
Put simply, Hong Kong’s stablecoin regulation has officially moved from “talk on paper” to the “hard work of real implementation.” Previously, the Stablecoin Ordinance took effect in August 2025; now, finally, licensed players can legally issue stablecoins mainly pegged to the Hong Kong dollar.
The benefits are as follows:
① Endorsement by traditional major banks: HSBC and Standard Chartered are already Hong Kong’s note-issuing banks—strong in credit, excellent in risk control, and experienced in reserve management. The stablecoins they issue will require 100% backing by high-quality assets, independent custody, and strict anti-money laundering measures.
② Practical applications are coming soon: The two are expected to officially launch between mid-2026 and the second half of the year. HSBC plans to integrate with its PayMe and mobile banking apps to make daily payments and cross-border transfers more convenient; the other party will combine telecom and Web3 resources to build scenarios such as digital asset settlement and tokenized assets (RWA). In the future, cross-border payments and blockchain transaction settlement could be cheaper and faster.
③ Impact on Hong Kong: This move makes Hong Kong more competitive in the global race for digital finance. It can attract institutions and Web3 players while also controlling risks and avoiding disorder. In the long run, it can enhance the Hong Kong dollar’s position in the digital age and help make Hong Kong the hub connecting traditional finance and blockchain.
Of course, stablecoins are not investment products; they are mainly used for payments and settlement. In short, this approval is an important step for Hong Kong to embrace the digital future. After the first batch of compliant Hong Kong dollar stablecoins goes live in the second half of the year, the market will be more certain, and it will also bring more new opportunities—thereby promoting the long-term development of the Web3 industry. $BTC $ETH ‌ ‌