Hong Kong has issued its first stablecoin licenses to HSBC Bank, a consortium led by Standard Chartered

Hong Kong has officially adopted stablecoins following a recent decision by its monetary authority.

In an industry-first, Hong Kong has granted HSBC Bank and a consortium led by Standard Chartered the city’s first stablecoin issuance licenses, marking the latest step towards adopting an industry-leading use case.

Darryl Chan, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), commented:

Both applicants have experience in traditional financial management and risk management, which is a good fit for the mission of stablecoins that aim to bridge traditional finance and digital finance.

Both licenses allow the issuance of stablecoins pegged to the Hong Kong dollar and making cross-border payments.

South China Morning Newspaper Reports According to the licensees’ business plans, they intend to complete the necessary preparations and launch operations within the next few months.