This time, Hong Kong's stablecoin license issuance, 36 applications narrowed down to 2 winners, what does it mean?

On April 10, 2026, HKMA officially announced that the first batch of stablecoin issuers' licenses were granted to two institutions: HSBC Hong Kong and Standard Chartered Bank. Out of 36 applications, only 2 were selected, with an extremely low approval rate, indicating that regulation is extremely strict.

Simply put, Hong Kong's stablecoin regulation has officially moved from "paper talk" to "real action." Previously, the Stablecoin Ordinance took effect in August 2025, and now licensed players can legally issue stablecoins primarily pegged to the Hong Kong dollar.

The benefits include:
① Endorsement by traditional major banks: HSBC and Standard Chartered are already Hong Kong's banknote-issuing banks, with strong credit, excellent risk control, and extensive reserve management experience. Their issued stablecoins will require 100% backing by quality assets, independent custody, and strict anti-money laundering measures.

② Practical applications are imminent: Both banks are expected to officially launch in mid to late 2026. HSBC plans to integrate with its PayMe and mobile banking apps for convenient daily payments and cross-border transfers; meanwhile, the other bank will leverage telecom and Web3 resources to develop digital asset settlement, tokenized assets (RWA), and other scenarios. Future cross-border payments and blockchain transaction settlements could become cheaper and faster.

③ Impact on Hong Kong: This move makes Hong Kong more competitive in the global digital finance race, attracting institutions and Web3 players while managing risks to prevent chaos. In the long run, it can enhance the status of the Hong Kong dollar in the digital age and promote Hong Kong as a hub connecting traditional finance and blockchain.

Of course, stablecoins are not investment products; they are mainly used for payments and settlements. In summary, this approval marks an important step for Hong Kong to embrace the digital future. Once the first compliant Hong Kong dollar stablecoins go live in the second half of the year, the market will have more certainty, and new opportunities will emerge, which will promote the long-term development of the Web3 industry.