Hong Kong’s first batch of stablecoin issuer licenses are expected to be announced as early as next week, with HSBC, Standard Chartered, and OSL leading the race. Chinese-funded companies are absent, and regulators seem to favor bank-led issuance.
According to media reports, the list of the first “stablecoin issuer licenses” in Hong Kong is expected to be announced this week. After an intense competition among the initial 36 applicants, market rumors suggest that three companies are most likely to receive licenses: HSBC, Standard Chartered, and Hong Kong’s first licensed virtual asset platform, OSL.
Bloomberg quoted sources saying that this round of stablecoin licensing may lean more toward “bank-led” issuance because banks are heavily regulated, have strong capital reserves, and can provide higher security while promoting widespread market adoption.
As for OSL, which is also among the contenders, its credentials are equally impressive. As Hong Kong’s first licensed virtual asset trading platform, OSL has extensive experience in tokenization and the capacity to handle large transactions with traditional institutions like funds.
Regarding market rumors, HSBC did not respond to media requests for comment in time; Standard Chartered declined to comment. An HKMA spokesperson stated, “We do not comment on market rumors.”
Although the market currently suggests that three companies are most likely to obtain licenses, industry insiders reveal that initially five institutions were on the candidate list. Due to the rigorous licensing process, the final list may still change.
Among the rumored candidates, only Standard Chartered is a participant in the stablecoin “sandbox.” The other two sandbox participants—JD Chain Technology (Hong Kong) and RD Technologies, founded by former HKMA chief executive Norman Chan—missed the initial launch.
Additionally, no “Chinese-funded” institutions are on the list. In fact, the Financial Times reported last year that Chinese tech giants like Alibaba’s Ant Group and JD.com have suspended plans to issue offshore RMB stablecoins in Hong Kong. The main reason is that the People’s Bank of China (PBOC) fears that private stablecoins could challenge the digital yuan (e-CNY) that Beijing is actively promoting.
- This article is reprinted with permission from “BlockBeats”
- Original title: “Hong Kong’s First Batch of ‘Stablecoin Licenses’ Coming Soon! Rumors Point to ‘HSBC, Standard Chartered, and OSL’”
- Original author: Block Sister MEL
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