Hong Kong's First Batch of Compliant Stablecoin Licenses Delayed, HKMA Responds That It Is Fully Advancing the Process

Odaily News Hong Kong's first batch of issuer licenses were originally scheduled to be issued in March 2026 but have not been granted as planned. A spokesperson for the Hong Kong Monetary Authority (HKMA) responded, stating that the HKMA is fully advancing the licensing matters and will announce them publicly at an appropriate time. Regarding which entities will receive Hong Kong's first batch of stablecoin licenses, market focus has generally been on the two major Hong Kong note-issuing banks, HSBC and Standard Chartered. HSBC has not publicly disclosed whether it has submitted a stablecoin license application. However, as early as mid-January this year, market rumors suggested that HSBC had a high chance of obtaining a license in the first batch. Currently, there is no official disclosure explaining why the issuance of stablecoin licenses has been delayed compared to the earlier announcement. Sources close to the stablecoin license application process revealed that the HKMA has recently been in close contact with the first batch of potential compliant licensees, and there are still suggestions for modifications regarding the issuance matters. Furthermore, applications for the second batch of Hong Kong compliant stablecoin licenses are also underway. Reliable sources indicate that Futu Securities and OSL Group are strong contenders for the second batch of licenses. (Caixin)