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
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
XRP Expands to Solana as wXRP Drives DeFi Access
Key Insights
Wrapped XRP on Solana surpasses 834,000 tokens, enabling new DeFi access while strengthening cross-chain liquidity and expanding XRP utility beyond its native ledger.
Ethereum and Solana dominate DeFi activity, while XRP Ledger trails significantly, driving the need for
CryptoNewsLand5h ago
XRP Breakout Holds as XRPL Lending Vote Gains Momentum
XRP shows weekly strength, trading above EMAs after breaking from a descending wedge; XRPL advances XLS-65/66 lending upgrades with pooled vaults and fixed-term loans; derivatives rise in volume, open interest, and options activity.
Abstract: This report notes XRP's persistent weekly momentum and price strength above key moving averages following a breakout from a descending wedge. It covers XRPL validators voting on XLS-65 and XLS-66, enabling native lending, pooled liquidity vaults, and fixed-term loans to expand on-chain financial activity. It also reports rising derivatives participation, with higher trading volume, open interest, and a surge in options activity, suggesting increasing trader positioning for a continued breakout.
CryptoNewsLand6h ago
XRP Surges 24,602% Despite Ripple's Ongoing Sales — Debate Reignites Over Token Dump Claims
Viral thread claims Ripple sells XRP monthly to fund operations and dilute holders. It cites 100B total supply, 55B locked, 1B/month release, 70–80% relocked, and 200–300M XRP for ops (~$400M/mo); critics say price tracks Bitcoin and escrow dilution fades.
Abstract: The article examines claims that Ripple systematically sells XRP to fund operations, detailing the tokenomics (100B XRP, 55B in escrow with 1B/mo release and relocking, 200–300M for ops) and presenting counterarguments that XRP price movements align more with Bitcoin, not ongoing sales, while escrow shrinkage reduces future dilution and XRP has posted large gains since inception.
GateNews6h ago
Syed Sameer steps in as power broker in Justin Sun–WLFI standoff
Sameer Group CEO Syed Sameer is offering to broker a private deal to unfreeze Justin Sun's blacklisted WLFI tokens, drawing backlash from retail holders shut out of negotiations.
Summary
Sameer Group CEO Syed Sameer has publicly offered to broker a deal to unfreeze Justin Sun's blacklisted WLFI
Cryptonews6h ago
SocGen's SG-FORGE Onboards 15 Crypto Clients as EU Rules Drive Banks Deeper Into Digital Assets
Gate News message, April 22 — Société Générale's SG-FORGE unit has signed 15 crypto clients as Europe's new regulatory framework pushes traditional banks deeper into the digital asset space. The client base includes crypto exchanges, brokers, and wallet providers, according to Jean-Marc Stenger,
GateNews7h ago
Gate Completes SpaceX Pre-IPOs Asset Distribution, Pre-Trading Opens April 24
Gate News message, April 22 — Gate has completed the distribution of SpaceX (SPCX) asset certificates for its first Pre-IPOs project, covering subscription allocations, VIP airdrops, and super agent distributions. All assets have been credited to users' spot accounts with 100% unlock.
Gate will
GateNews8h ago
