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Hong Kong Delays First Batch of Compliant Stablecoin Licenses, HKMA Urging Full Speed Ahead

2026-04-01 09:43:13

Hong Kong's First Stablecoin Licenses Delayed, Second Batch in Play

Hong Kong's first batch of stablecoin issuer licenses was expected in March. But they didn't land as planned. The HKMA said it's still pushing ahead and will announce details when ready.

All eyes had been on the two major note-issuing banks—HSBC and Standard Chartered. HSBC hasn't said publicly whether it applied. But back in mid-January, market chatter pointed to HSBC as a strong candidate for one of the first licenses. No official explanation has been given for the delay.

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Sources close to the process say the HKMA has been in close talks with early candidates, and there are still proposed tweaks to the issuance arrangements. Meanwhile, applications for the second batch of compliant stablecoin licenses are already in the works. Reliable sources say Futu Securities and OSL Group are strong contenders for that round.

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