Hong Kong has issued stablecoin licenses, but after a fierce competition among 36 major players, only 2 have been granted licenses to operate.

On April 10, 2026, the Hong Kong Monetary Authority (HKMA) officially issued the first batch of stablecoin issuer licenses, with only HSBC and Standard Chartered (consortium) approved, reflecting a low approval rate of less than 6% and strict regulatory stance.
This move follows the enactment of the Stablecoin Ordinance, with assessment criteria focusing on business model feasibility, risk management, application scenarios, and compliance capabilities, adhering to a “few but high-quality” principle.
Traditional financial institutions succeeded due to their global clearing networks, risk control systems, and practical applications (e.g., cross-border payments, corporate fund management), shifting stablecoins from “tech narratives” to “financial infrastructure.”
Key impacts include the bank-led era of stablecoins, Hong Kong becoming a global regulatory model (ahead of the U.S. and Europe), and reshaping of Web3 funding channels, with compliant stablecoins expected to dominate.
Future opportunities are limited; regulators remain open but cautious, leading to an industry consolidation where stronger players thrive, and stablecoins evolve into financial infrastructure integrated into cross-border payments, digital asset trading, and more.

Source: Hong Kong Monetary Authority website

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

The first batch of licensed institutions are:

Hongkong and Shanghai Banking Corporation
Standard Chartered Bank (consortium: Standard Chartered Bank + Anni Group + Hong Kong Telecom)

Previously, the market generally expected three institutions to be shortlisted, including the virtual asset trading platform OSL, but they ultimately failed to make it into the first batch of lists, indicating that the regulatory standards have become significantly stricter.

I. From "Policy Expectations" to "Institutional Implementation": Stablecoins Enter the Regulatory Era

The core context of this licensing is the first practical implementation of Hong Kong's Stablecoin Ordinance since it officially came into effect on August 1, 2025.

According to the Hong Kong Monetary Authority, a total of 36 applications were assessed in this round, with only 2 licenses ultimately issued, resulting in a success rate of less than 6%. This result once again confirms the clear signal previously released by the regulators:

👉 Stablecoin licensing will adhere to the principle of "few but excellent," rather than focusing on scale expansion.

Hong Kong Monetary Authority Deputy Chief Executive Chan Wai-man pointed out that the assessment criteria mainly revolve around four core dimensions:

Feasibility and credibility of the business model
Risk management capabilities and experience
The real value of application scenarios
Compliance capabilities (local and cross-border)

This means that stablecoins are no longer a "technological narrative," but rather a "competition for financial infrastructure licenses."

II. Why HSBC and Standard Chartered? The Underlying Logic Behind Institutional Success

In the end, the absolute dominance of traditional financial institutions was not accidental, but an inevitable result of regulatory guidance.

1) Compliance capabilities and global system advantages

Both HSBC and Standard Chartered Bank have the following features:

Global Clearing Network
Mature risk control system
Compliance experience in multiple jurisdictions

When stablecoins involve highly sensitive areas such as fund custody, cross-border flows, and anti-money laundering (AML), these capabilities become a core barrier to entry.

2) Clear application scenarios: From "hype tool" to "payment infrastructure"

The regulators have clearly emphasized "application value" rather than simply the ability to issue products.

Potential applications of bank-backed stablecoins include:

Cross-border trade settlement
Corporate Fund Management
Web3 compliant payment channels
RWA Asset Settlement Layer

In contrast, pure trading platforms have a significant weakness in their ability to connect with the real economy, which is one of the key reasons why OSL was not selected this time.

3) Risk Priority: Regulators Prefer "Controllable Innovation"

Hong Kong Monetary Authority Chief Executive Eddie Yue made a clear statement:

The core of stablecoin regulation is "striving for a balance between innovation and risk".

This means: 👉Prioritize players who "won't make mistakes," rather than the "most aggressive" players.

III. Market Impact: Three Major Structural Changes Are Underway

This issuance of licenses is not just about the licenses themselves, but will also have a profound impact on the entire crypto market.

1) Stablecoins are officially becoming "bank-like".

The right to issue stablecoins, from the previous:

👉 Crypto Native (USDT/USDC)

The shift is underway: 👉 Bank-led + Strong regulatory system

This will bring:

Credit system restructuring (bank credit replacing project credit)
User trust has significantly improved.
Compliant funds are entering the market at an accelerated pace.

2) Hong Kong becomes a global model for stablecoin regulation.

Globally:

United States: Regulation Remains Divided (SEC/CFTC Game)
Europe: MiCA in Progress
Hong Kong: Has taken the lead in completing the "legislation + licensing" closed loop

This gives Hong Kong a potential advantage: 👉 Becoming an Asian stablecoin issuance and clearing center

3) Restructuring of Web3 funding entry points

Stablecoins are the "liquidity foundation" of the entire crypto market.

This issuance of licenses means:

Compliant stablecoins will become the mainstream entry point for funds.
Non-compliant stablecoins face a squeeze
The DeFi/RWA/payments sector will benefit.

IV. Signals from those who haven't been issued licenses: The window is still open, but the threshold is extremely high.

Although only two companies were approved in the first batch, the regulatory window has not been completely closed.

The Hong Kong Monetary Authority clearly stated:

We will adopt an "open but cautious" attitude towards subsequent license issuance.
Even with additional share issuance, the total number will remain limited.

This sends two key signals:

👉 Opportunities still exist, but only for the top players . 👉 The industry is entering a phase where the strong get stronger.

V. Conclusion: Stablecoins have entered a "pricing power restructuring cycle".

From an industry perspective, the essence of this license issuance is not "good news," but rather:

A restructuring of the underlying rules.

The core impact can be summarized in three points:

1) Regulatory certainty in implementation

Stablecoins have moved from the gray area into the institutional system.

2) Institutions fully enter the market

Banks have become a core force in the issuance of stablecoins.

3) Market stratification intensifies

Compliant assets vs. non-compliant assets: valuation systems will diverge.

Techub News Opinions

This is not an ordinary regulatory news item, but rather:

👉The starting point for the global stablecoin competition to enter a "national-level track"

With Hong Kong taking the lead in completing the institutional loop, stablecoins will upgrade from "medium of exchange" to "financial infrastructure" and be deeply embedded in the financial system in the next 12–24 months.

Cross-border payments
Digital asset trading
RWA Real Assets
AI Agent Economic System

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

👉Who can restructure the financial and data circulation system around stablecoins?