Hong Kong is preparing to issue its first stablecoin issuer licenses, with HSBC Holdings and a joint venture led by Standard Chartered reportedly among the initial recipients. According to sources cited by the South China Morning Post, the Hong Kong Monetary Authority (HKMA) is expected to prioritize institutions already authorized to issue banknotes in the city, including HSBC and Standard Chartered. The move aligns with Hong Kong's ambition to establish itself as a global digital asset hub, despite regulatory challenges in neighboring mainland China. The HKMA has not confirmed the names of successful applicants, but the first licenses are anticipated by March 24, 2026. This follows the enforcement of the Stablecoin Ordinance in August 2025, which regulates the issuance of fiat-referenced stablecoins.