Overview
- Multiple outlets report HSBC and a Standard Chartered‑led venture are expected to be in the first small batch of approvals, with a possible date around March 24 subject to final sign‑off.
- Regulators reviewed about 36 applications and have said only a very small number of issuers will be cleared in the initial round.
- Sources say authorities are prioritizing bank‑anchored models, with Standard Chartered signaling a Hong Kong dollar‑pegged token via a joint venture.
- HSBC’s prospective inclusion is notable because it did not join the HKMA’s earlier issuer sandbox, unlike Standard Chartered and other applicants.
- Hong Kong’s Stablecoins Ordinance requires 100% high‑quality liquid asset backing, segregated custody, guaranteed par‑value redemption within one business day, and stringent Travel Rule compliance, shaping an initial focus on HKD‑pegged coins.