Overview
- Hong Kong’s monetary authority had not issued any HKD stablecoin licenses by Wednesday and offered no new date, saying it is actively advancing the process.
- Top officials in February said a small first batch would come in March, so the expected start has now slipped into April.
- Media reports pointed to HSBC and a Standard Chartered–Animoca venture as likely early recipients, though regulators have not confirmed any firms.
- The planned rules favor issuers that hold full reserves in high‑quality liquid assets, keep customer funds in separate custody, guarantee redemption within one business day, and follow strict identity‑sharing checks under the Travel Rule.
- Industry figures, including Web3 task force member Jack Poon, say the delay likely reflects administrative checks and a prudential stance that ties token issuers to Hong Kong’s note‑issuing bank model backed by the Exchange Fund.