Hong Kong's first batch of stablecoin licenses officially issued: HSBC and Standard Chartered lead the way, regulatory benefits entering the realization phase

Techub News | April 10, 2026 In-Depth Analysis

Source: Hong Kong Monetary Authority Official Website

On April 10, 2026, the Hong Kong Monetary Authority (HKMA) officially announced the issuance of the first batch of stablecoin issuer licenses, marking the start of substantive implementation of Hong Kong’s digital asset regulatory system. This is not only a policy signal but also a key watershed in the global stablecoin competition landscape.

The first batch of licensed institutions are:

Hong Kong Shanghai Banking Corporation (HSBC)

Standard Chartered Bank (Consortium: Standard Chartered + Anui Group + Hong Kong Telecom)

Previously, the market widely expected three institutions to qualify, including the virtual asset trading platform OSL, but ultimately they did not make the first list, indicating a clear tightening of regulatory standards.

1. From “Policy Expectations” to “Institutional Implementation”: Stablecoins Enter the Regulatory Era

The core background of this licensing is the first practical implementation since Hong Kong’s “Stablecoin Ordinance” officially took effect on August 1, 2025.

According to HKMA disclosures, a total of 36 applications were evaluated, with only 2 licenses issued, a success rate of less than 6%. This result further confirms the clear signals previously sent by regulators: 👉 Stablecoin licensing will adhere to the principle of “few but refined,” rather than scale expansion.

HKMA Deputy Chief Executive Chen Weimin pointed out that the evaluation criteria mainly focus on four core dimensions:

Feasibility and credibility of the business model

Risk management capabilities and experience

Real value of application scenarios

Compliance ability (local and cross-border)

This means: Stablecoins are no longer “technological narratives,” but “financial infrastructure license competition.”

2. Why HSBC and Standard Chartered? The Underlying Logic of Institutional Success

From the final results, traditional financial institutions hold an absolute advantage, which is not accidental but a necessary outcome of regulatory guidance.

1. Compliance capabilities and global system advantages

Hong Kong Shanghai Banking Corporation and Standard Chartered Bank both possess:

Global clearing networks

Mature risk control systems

Experience in compliance across multiple jurisdictions

In areas involving fund custody, cross-border flows, anti-money laundering (AML), these capabilities become core thresholds.

2. Clear application scenarios: From “Speculative Tools” to “Payment Infrastructure”

Regulators emphasize “application value,” not just issuance ability.

Potential deployment directions for bank-issued stablecoins include:

Cross-border trade settlement

Corporate fund management

Web3 compliant payment channels

RWA asset settlement layer

In contrast, pure trading platforms have obvious shortcomings in “real economy connection capabilities,” which is one of the key reasons OSL was not selected this time.

3. Risk Priority: Regulators Prefer “Controllable Innovation”

HKMA Chief Executive Yu Weiwen explicitly stated:

The core of stablecoin regulation is “balancing innovation and risk.”

This means: 👉 Priority is given to players who “won’t make mistakes,” rather than the “most aggressive” players.

3. Market Impact: Three Major Structural Changes Are Happening

This licensing is not just about the licenses themselves but will have a profound impact on the entire crypto market.

1. Stablecoins Officially “Banked”

The issuance rights for stablecoins are shifting from:

👉 Crypto Native (USDT / USDC)

To: 👉 Bank-led + Strong Regulatory System

This will lead to:

Reconstruction of credit systems (bank credit replacing project credit)

Significant increase in user trust

Accelerated inflow of compliant funds

2. Hong Kong Becomes a Global Model for Stablecoin Regulation

Globally:

U.S.: Regulation remains divided (SEC / CFTC battles)

Europe: MiCA progressing

Hong Kong: Has completed the “legislation + licensing” closed loop first

This gives Hong Kong a potential advantage: 👉 becoming Asia’s stablecoin issuance and clearing hub.

3. Reshaping Web3 Capital Entry Structures

Stablecoins are the “liquidity foundation” of the entire crypto market.

This licensing means:

Compliant stablecoins will become mainstream capital entry points

Non-compliant stablecoins face exclusion

DeFi / RWA / Payment sectors will benefit

4. Signals for Unlicensed Entities: The Window Is Still Open, But the Bar Is Very High

Although only 2 licenses were granted initially, regulators have not completely closed the window.

HKMA explicitly states:

They remain “open but cautious” about subsequent licensing.

Even if more licenses are issued, the overall number will remain limited.

This releases two key signals:

👉 Opportunities still exist, but only for top players 👉 The industry will enter a phase of “winner-takes-all.”

5. Conclusion: Stablecoins Enter the “Pricing Power Restructuring Cycle”

From an industry perspective, this licensing is not just “good news,” but:

A fundamental rule restructuring.

The core impacts can be summarized in three points:

1. Regulatory certainty is realized

Stablecoins move from gray areas into a formalized system

2. Full institutional participation

Banks become the core force in stablecoin issuance

3. Market stratification intensifies

Valuation systems will diverge between compliant assets and non-compliant assets

Techub News Viewpoint

This is not an ordinary regulatory news, but:

👉 The start of “national-level track” competition in global stablecoins

As Hong Kong completes the institutional closed loop first, in the next 12–24 months, stablecoins will upgrade from “transaction media” to “financial infrastructure,” deeply embedding into:

Cross-border payments

Digital asset trading

RWA real assets

AI Agent economy systems

The real opportunity lies not in “who issues stablecoins,” but in:

👉 Who can reconstruct the financial and data flow systems around stablecoins.

Disclaimer: This article is based on publicly available information, intended for industry sharing and research analysis, and does not constitute any investment advice.