HSBC, Standard Chartered Set to Receive Hong Kong's First Stablecoin Licenses by March 24

HSBC and Standard Chartered are expected to receive Hong Kong's first stablecoin licenses as early as March 24, Bloomberg reports. The Hong Kong Monetary Authority has received 36 applications under its Stablecoin Ordinance, which took effect in August 2025, and is prioritizing the city's note-issuing banks as better-capitalized firms are viewed as safer issuers. Standard Chartered plans to launch a Hong Kong dollar-backed stablecoin through a joint venture with Animoca Brands and HKT.