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ToggleOn April 10, 2026, the Hong Kong Monetary Authority (HKMA) officially announced the issuance of the first batch of stablecoin issuer licenses, marking the substantial implementation of Hong Kong's digital asset supervision 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)
The market had previously widely 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 the list, indicating that the regulatory standards have become significantly stricter.
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 pass 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 high-quality" 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."
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 the 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
- Multi-jurisdictional compliance experience
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 directions for the implementation 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 main reasons why OSL was not selected this time.
3) Risk Priority: Supervisors 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 are "unlikely to make mistakes" rather than the "most aggressive" players.
Market Impact: Three Major Structural Changes Are Underway
This issuance of licenses is not just about the licenses themselves, but will 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)
Turning: Bank-led + Strong regulatory system
This will bring:
- Credit system restructuring (bank credit replacing project credit)
- User trust has increased significantly
- 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.
The signal from those who haven't been dealt a license: the window is still open, but the barrier to entry is extremely high.
Although only two companies were approved in the first batch, the regulatory authorities have not completely closed the window.
The Hong Kong Monetary Authority clearly stated:
- We maintain an "open but cautious" attitude towards subsequent license issuance.
- Even with additional share issuance, the overall number will remain limited.
This sends two key signals:
The opportunity still exists, but it belongs only to the top players. The industry will enter a phase where the strong get stronger.
Conclusion: Stablecoins have entered a "pricing power restructuring cycle".
From an industry perspective, the essence of this license issuance is not "positive 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
The valuation systems for compliant assets and non-compliant assets will diverge.
Techub News Opinions
This is not an ordinary regulatory news story, but rather:
The global stablecoin competition has entered the starting point of a "national-level race".
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 market 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 rebuild the financial and information circulation system around stablecoins?
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