HSBC and Standard Chartered Set to Obtain Hong Kong Stablecoin Licenses
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 13 2026
0mins
Source: seekingalpha
- Stablecoin License Issuance: The Hong Kong Monetary Authority plans to issue stablecoin licenses to HSBC and Standard Chartered within two weeks, potentially as early as March 24, although the exact number and timetable remain unconfirmed, indicating proactive regulatory developments in Hong Kong's digital currency landscape.
- Local Currency Focus: The initial issuance of stablecoin licenses will likely concentrate on local currency, with Standard Chartered already announcing plans to issue a Hong Kong dollar-pegged stablecoin, which could enhance Hong Kong's competitiveness in the digital finance sector.
- Surprising HSBC Participation: HSBC, the largest bank in Hong Kong by assets, did not participate in the HKMA-led stablecoin issuer sandbox, making its potential license approval surprising and possibly altering market perceptions of its digital currency strategy.
- Policy Impact Research: A working paper from the European Central Bank highlights that broad adoption of stablecoins could weaken monetary policy transmission and affect bank intermediation, revealing potential risks and challenges of stablecoins in the global financial system.
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Analyst Views on HSBC
About HSBC
HSBC Holdings plc (HSBC) is a banking and financial services company. Its business segments include Hong Kong, UK, Corporate and Institutional Banking (CIB), and International Wealth and Premier Banking (IWPB). Its Hong Kong business comprises retail banking and wealth and commercial banking of HSBC Hong Kong and Hang Seng Bank. Its UK business comprises UK retail banking and wealth (including first direct and M&S Bank) and UK commercial banking, including HSBC Innovation Bank. The CIB segment is formed from the integration of its commercial banking business (outside the UK and Hong Kong) with its global banking and markets business. The IWPB segment comprises premier banking outside of Hong Kong and the UK, its global private bank, and its asset management, insurance and investment distribution businesses. Its customers worldwide through a network covering 58 countries and territories. Its customers range from individual savers and investors to companies, governments and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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