BroadChain has learned that Hong Kong's first batch of licensed stablecoin issuers is expected to be announced this month, according to a March 12 report from Sing Tao Daily Headlines.
Citing sources, the report indicates that Standard Chartered Bank, HSBC, and OSL (HK:00863) are on the shortlist for the initial approvals. The final list could be released as early as next week, though it remains subject to change.
While around five institutions were initially under consideration, regulators are likely to narrow the first batch to three, with a preference for banking institutions to bolster market stability and confidence.
Notably, mainland Chinese institutions are reportedly absent from the current shortlist. Firms such as Circle and LianLian Digital (HK:02598) may not be included in this initial round.
Industry analysis suggests that the licensing process will prioritize caution, with well-regulated banks expected to take the lead to ensure systemic stability and maintain market trust.