The issuance of Hong Kong's first batch of compliant stablecoin licenses has been delayed; the Hong Kong Monetary Authority (HKMA) responded that it is making every effort to expedite the process.

The first batch of stablecoin issuer licenses in Hong Kong, originally scheduled for March 2026, has not yet been issued as planned. A spokesperson for the Hong Kong Monetary Authority (HKMA) responded that the HKMA is fully committed to the licensing process and will announce details in due course. Regarding who will receive the first batch of stablecoin licenses in Hong Kong, the market previously focused on the two major Hong Kong dollar note-issuing banks, HSBC and Standard Chartered Bank. HSBC has not publicly disclosed whether it has submitted an application for a stablecoin license. However, as early as mid-January this year, rumors circulated that HSBC had a significant chance of obtaining one of the first licenses. Currently, there is no official disclosure as to why the stablecoin license issuance has been delayed. Sources close to the stablecoin license application process revealed that the HKMA has recently been in close contact with potential compliant issuers, and suggestions for modifications regarding issuance are still being made. In addition, a second batch of compliant stablecoin licenses in Hong Kong is also under application. Reliable sources revealed that Futu Securities and OSL Group are strong contenders for the second batch of licenses. (Caixin)