The Hong Kong Monetary Authority is preparing to award its first stablecoin licenses to HSBC and Standard Chartered, with approvals potentially coming by March 24, Bloomberg reports. Officials said only a limited number of licenses will be granted in this initial batch, even though about 36 companies have applied under Hong Kong's Stablecoin Ordinance, which took effect in 2025. HSBC did not join the HKMA's 2024 stablecoin pilot but has been working with local and international crypto participants, while Standard Chartered joined the pilot through a joint venture with Animoca Brands and Hong Kong Telecom and plans to issue a Hong Kong dollar-backed stablecoin. As part of the sandbox, the Anchorpoint joint venture has been testing stablecoins for ecommerce payments, cross-border transfers and tokenized asset trading, while OSL Group has launched USDGO, a US dollar-backed stablecoin for institutional clients.

HSBC and Standard Chartered are set to obtain stablecoin licenses in Hong Kong, signaling growing participation of major global banks in the city's regulated digital asset market. The entry of these established financial institutions into the licensed stablecoin segment may influence broader institutional adoption and regulatory benchmarking in the region.

Crypto bank Custodia saw its final appeal rejected in a 7-3 vote by the U.S. Court of Appeals for the 10th Circuit on Friday, ending years of litigation over the Federal Reserve's denial of its master account application. The decision comes as the Federal Reserve Bank of Kansas City recently granted Kraken's banking arm a restricted account sharing many features with a master account, and the Federal Reserve Board is working on a national policy for "skinny" master accounts modeled on that approach. In a dissenting opinion, Judge Timothy Tymkovich argued that giving Reserve Banks unreviewable discretion over master accounts conflicts with statutes and potentially the Constitution, warning the case carries significant consequences for the financial industry and the state-federal balance in banking regulation.

Stand with Crypto has spent $7 million on attack ads against Illinois Lieutenant Governor Juliana Stratton in the state's Democratic Senate primary, Stratton said. The spending has occurred despite her limited public comments on crypto. Stratton's main opponent, Democratic Congressman Raja Krishnamoorthi, backed stablecoin legislation in the Genius Act and supported advancing the Clarity Act.

The United States faces a policy dilemma as freezing Russian dollar-denominated assets could undermine confidence in the perceived neutrality of the USD while it promotes USD stablecoins globally, according to commentary citing @_dsencil, @graminitha1 and @2084Richardson. The analysis suggests aggressive use of the "instafreeze" capability may prompt international holders to reduce exposure to dollar-based instruments.

A federal judge blocked Justice Department subpoenas seeking to compel testimony from Federal Reserve Chair Jerome Powell, a court ruling shows. The legal challenge comes as the Fed's monetary policy decisions remain under scrutiny, with focus on the path of future interest rate cuts.

Macro investor Stanley Druckenmiller said global financial settlement systems could migrate to stablecoin technology within 15 years, citing superior transaction efficiency. His comments highlight a long-term vision in which stablecoins play a central role in cross-border and domestic payment processing.

The CFTC is recruiting leading technology and market professionals to develop tailored regulatory frameworks for crypto, artificial intelligence and prediction markets, a CFTC official said. The agency is focused on attracting specialized talent to support rulemaking for these emerging innovations.

Argentine securities regulator CNV has halted operations of the $ARGT peso-linked stablecoin after classifying the token as a security. The decision affects services offered by Twin Finance and Belo exchange. The $ARGT token, which offered a 32% APR before the regulatory action, is now subject to CNV's securities oversight.