The Hong Kong Monetary Authority (HKMA) plans to issue stablecoin licenses in March, starting with a small number of approvals. The focus is on use cases, risk management, AML controls, and asset backing. Licensed issuers must adhere to Hong Kong rules for cross-border activity, with potential for mutual recognition agreements.

Three participants were named in the stablecoin sandbox: JINGDONG Coinlink Technology Hong Kong Limited, RD InnoTech Limited, and a consortium involving Standard Chartered Bank (Hong Kong) Limited, Animoca Brands Limited, and Hong Kong Telecommunications (HKT) Limited. A stablecoin bill was passed in May 2025, establishing a licensing regime for fiat-referenced stablecoin issuers.

The HKMA’s stablecoin licensing regime under the Stablecoins Ordinance took effect on August 1, 2025, making issuance of fiat-referenced stablecoins a regulated activity. A small initial cohort of licensed issuers can shape the market quickly, with potential for concentrated integrations and cross-border transactions following Hong Kong regulations.

Ant International and other entities plan to apply for stablecoin licenses in Hong Kong. Standard Chartered, Animoca, and HKT are exploring a joint venture for a Hong Kong dollar-backed stablecoin. The first licenses will create a regulated shortlist, impacting trust in redemption and reserves. Key questions remain about issuance concentration, cross-border usage, and adoption through banks and payment partners.

Read more at Yahoo Finance: Hong Kong Targets March for First Stablecoin Licenses, Few Expected