Hong Kong's test sandbox for stablecoins attracts 36 institutions, with JD Coinchain leading the competition.

Hong Kong Monetary Authority is currently implementing an ambitious regulatory framework for digital currencies. The centerpiece of this effort is a sandbox that has become the epicenter of interest within the financial industry. On February 2, 2026, HKMA CEO Yu Weiwen confirmed that a total of 36 institutions have applied for licenses to issue stablecoins. This number alone reflects a global trend where traditional financial entities actively enter the cryptocurrency and digital asset sectors.

Extensive Participation in the Regulatory Sandbox Signals Interest in Stablecoin Licenses

The diversity of participants in this groundbreaking sandbox is remarkable. Among the 36 applicants are banks, technology firms, brokerage companies, asset managers, investment firms, e-commerce platforms, payment institutions, and Web3 startups. This diverse participation demonstrates how the boundaries between traditional finance and the blockchain ecosystem are gradually blurring. Regulators have succeeded in creating an environment that attracts both established players and innovative new entities.

JD.com and Traditional Financial Institutions Compete Together

Among the active participants in the sandbox is JD Coinchain Technology, the Hong Kong branch of internet giant JD.com. According to reports focused specifically on developments in this sector, the company is considered one of the top three most promising applicants. JD.com is thus entering the competition for the first stablecoin license alongside traditional financial giants. This strategy underscores the importance that large tech corporations assign to digital currencies.

Standard Chartered Bank as a Highly Anticipated Applicant

Special attention is given to Standard Chartered Bank (Hong Kong), which has become a focal point of discussion. As one of the three issuing banks in Hong Kong, this British financial institution holds a significant position. Its participation in the sandbox represents a natural step as traditional banking operations actively engage in the transformation of the monetary system. Its expertise in international finance positions it as one of the most promising contenders.

Hong Kong’s regulatory sandbox has thus crystallized as a crucial testing ground where traditional finance and digital innovation operate side by side under the strict oversight of HKMA.