BroadChain has learned that Hong Kong's first batch of stablecoin issuer licenses, initially slated for issuance in March 2026, have not been granted as scheduled, according to a Caixin report on April 1. In response, a spokesperson for the Hong Kong Monetary Authority (HKMA) stated that the authority remains fully committed to advancing the licensing process and will provide public updates at an appropriate time.
Market speculation on the first license recipients has largely focused on the two Hong Kong dollar note-issuing banks: HSBC and Standard Chartered.
While HSBC has not publicly confirmed submitting a stablecoin license application, market rumors as early as mid-January 2026 suggested the bank was a frontrunner for one of the initial licenses.
Official channels have not disclosed the specific reasons for the delay.
A source familiar with the application process revealed that the HKMA has been working closely with the first group of prospective licensees, offering ongoing feedback and guidance on issuance-related matters.
Meanwhile, applications for a second batch of Hong Kong-compliant stablecoin licenses are also in progress. Industry sources indicate that Futu Securities and OSL Group are strong candidates for this next round.