Table of Contents
Researcher
\[ASA News] is a bi-weekly newsletter where we share the most important news related to stablecoin in Asia. (2026.03.02~03.15)*
1. [News] HKMA Nears First License Approvals After Reviewing 36 Applications, HKD Stablecoin Issuance Set to Begin
Source: Hong Kong to Issue Stablecoin Licences to HSBC and Standard Chartered Soon
Hong Kong is on the verge of issuing its first stablecoin licenses, with HSBC and Standard Chartered expected to be among the initial recipients. The Hong Kong Monetary Authority (HKMA) has reviewed 36 applications, and both banks are reported to be included in the first batch of licensees. This marks the first official license issuance under the Stablecoin Ordinance, which took effect in August 2025, signaling that Hong Kong's digital asset regulatory framework has entered the execution phase.
HSBC's inclusion is drawing particular attention. Despite not participating in the HKMA-led stablecoin sandbox, the bank has been actively involved in tokenization projects, including digital bond issuance through its proprietary Orion platform. CEO Georges Elhedery has praised Hong Kong's digital asset regulatory environment as "comprehensive and safe," and the bank is reportedly planning to issue a Hong Kong dollar-pegged stablecoin. Standard Chartered has also formalized its intent to issue an HKD stablecoin, with CEO Bill Winters stating that Hong Kong's stablecoin push could usher in a "new era of digital trade settlement." Initial licenses are expected to focus on local currency (HKD)-backed stablecoins, with mutual recognition agreements with other jurisdictions also under consideration.
2. [Commentary] Three Asian Stablecoin Strategies: Same Direction, Different Speeds
Placing the three stories covered in this issue side by side, Korea, Japan, and Hong Kong, reveals a clear picture of Asia's major financial hubs moving toward stablecoins in the same direction but at distinctly different stages. Hong Kong enacted its Stablecoin Ordinance in August 2025, reviewed 36 applications, and is now entering the license issuance phase. Japan established its framework through the 2023 revised Payment Services Act, proceeded to JPYC issuance, and has now entered a competition over distribution, bank deposit linkages, offline payments, and more. Korea, still debating issuer eligibility and regulatory frameworks, is accumulating real-world pilot experience through the detour of foreign-visitor-targeted services.
What stands out in Hong Kong's approach is that HSBC and Standard Chartered, Global Systemically Important Banks (G-SIBs), are among the first issuers. This goes beyond regulatory approval; it signals that global banks are beginning to incorporate stablecoins into their core business domains. HSBC has issued over $3.5 billion in digital native bonds through its Orion platform and delivered Hong Kong's first bank-led blockchain settlement via tokenized deposits. Standard Chartered formed a joint venture, Anchorpoint Financial, with Animoca Brands and HKT, filing for a stablecoin license on the very first day the Ordinance took effect. For these institutions, a stablecoin license is not a standalone business but the base layer of a value chain extending through tokenized asset trading (HKMA's Project Ensemble), cross-border payments, and digital trade finance.
In February 2026, mainland China expanded its crackdown through a joint notice by eight national agencies, extending enforcement to stablecoins and RWA tokenization while explicitly banning unauthorized offshore issuance of yuan-pegged stablecoins. In this context, Hong Kong's stablecoin licenses gain added value as a regulatory arbitrage hub. JD Coinlink (a JD.com subsidiary) and Ant Group are reportedly pursuing HKMA licenses, forming a pathway for Chinese institutional capital, restricted from direct crypto activity on the mainland, to access digital asset markets through Hong Kong. For Korea, the key takeaway is that as Hong Kong and Japan advance in license issuance and use-case development respectively, a prolonged regulatory vacuum risks falling behind in global partnerships and infrastructure buildout.
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