#HongKongStablecoinIssuerLicenseList :
:
Hong Kong's Stablecoin License Race: TradFi Giants vs. Crypto Natives
Hong Kong is shaping stablecoins as safe, bank-level digital money for Asia. The Stablecoins Ordinance, effective 1 August 2025, sets strict rules for fiat-backed stablecoins. Out of dozens of applications, only a few licenses are expected in March 2026.
Licensed issuers must maintain 100% reserve backing, minimum capital, fast redemption, strict AML/KYC checks, and limited use-cases to ensure stability.
Leading Contenders:
HSBC – Aims to issue the first large-scale HKD-pegged stablec