Hong Kong is preparing to grant its initial stablecoin licences to established financial incumbents. According to an exclusive report from the South China Morning Post, HSBC and a consortium led by Standard Chartered are expected to be the primary recipients.
Hong Kong Set to Hand First Stablecoin Licences to Major Banks: SCMP
12 March 2026 - 15:10 CET
By Sandmark staff
The Hong Kong Monetary Authority plans to issue only a select number of approvals after reviewing dozens of applications. This approach mirrors traditional government strategies, in which initial regulatory access is granted to legacy banks that already dominate the domestic financial system. Standard Chartered has actively participated in the local stablecoin sandbox since 2024 to test cross-border settlements.
The inclusion of HSBC is notable as the bank previously bypassed the sandbox to focus on tokenized deposits. However, as the region balances digital asset innovation with the cautious directives of Beijing, regulators are leaning on familiar infrastructure. The South China Morning Post notes these impending approvals signal a tightly controlled expansion of the local digital asset ecosystem.
