Hong Kong is about to issue its first batch of stablecoin licenses, with HSBC and Standard Chartered Bank expected to be among the first to receive approval, potentially as early as March 24. The Hong Kong Monetary Authority has reviewed 36 applications, indicating that its strategy centers on bank-backed issuers to ensure financial stability. The new Stablecoin Ordinance stipulates that all fiat-pegged tokens must obtain authorization from the Hong Kong Monetary Authority, with a limited number of institutions in the first batch of approvals subject to strict regulation.