Big Banks Grab Stablecoin Licenses-Will Currency Be Bored?

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HSBC and Standard Chartered have finally snagged Hong Kong’s first stablecoin licenses, proving even banks love shiny new tech.

Since the Stablecoins Ordinance rolled out in August 2025, the HKMA is tightly controlling who gets to mint fiat‑backed coins. After reviewing 36 applications, it’s giving the keys to a select few.

Why it matters:

  • Banks with note‑issuing chops signal stronger capital and tighter oversight-clear winners in filters and filters alike.
  • Bank‑backed stablecoins could kick off a payment revolution, sparking both institutional curiosity and retail speculation.
  • HKMA’s preference for note‑issuing banks may become a template for global regulators, essentially saying “No, only the fancy ones.”
  • Standard Chartered warned that up to $500 billion in US deposits might migrate to stablecoins by 2028, which would make Bitcoin jealous.

The details:

  • A joint venture between Standard Chartered, Animoca Brands, and Hong Kong Telecommunications Ltd. joined the HKMA sandbox in July 2024-yes, they’re already testing the waters.
  • HSBC opted out of the sandbox but leaned on its status as Hong Kong’s largest bank, gaining preferential treatment.
  • Financial Secretary Paul Chan confirmed that only a handful of licences will be granted initially-so it’s a VIP club.
  • Crypto exchange OSL could also be in the running, with approvals possibly arriving as early as March 24.
  • Hong Kong’s licensing push is part of a broader strategy to become the digital‑asset Mecca, announced back in 2022.
  • The global stablecoin market hit a record $313 billion in March 2026, with Citi forecasting growth to between $1.9 trillion and $4 trillion.
  • Mainland China recently banned onshore tokenization of real‑world assets, widening the regulatory gap with Hong Kong-because nothing says exciting like legal loopholes.

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2026-03-13 14:42