StanChart, HSBC, OSL reportedly listed in HK first stablecoin license batch

Standard Chartered Bank, the Hongkong and Shanghai Banking Corporation, and Hong Kong’s crypto exchange OSL (0863) have reportedly been named in the first batch of licensed stablecoin issuers in Hong Kong, which is expected to be announced as early as next week, according to Sing Tao Daily, the sister publication of The Standard.

As note-issuing banks are under strict regulation, the final license list will likely be dominated by banks to ensure stability and market confidence, while no Chinese company is included in it, the report said.

Initially, five institutions were on the candidate list. While the market suggested three companies will be granted the first batch of licenses, the actual licensing process may need to consider multi-layered frameworks, including technical factors, so the list is subject to change at any time.

A spokesperson for the Hong Kong Monetary Authority said the authority does not comment on market rumors.