HSBC, Standard Chartered to Get Stablecoin Licenses in Hong Kong

HSBC Holdings Plc and Standard Chartered Plc are set to be among the first licensed stablecoin issuers in Hong Kong, giving two of the city’s note-issuing banks a central role in the government’s effort to become a digital-asset hub.

The two banks will be in the first batch of approvals as authorities prioritize institutions already authorized to issue banknotes, according to people familiar with the matter.

The Hong Kong Monetary Authority prefers bank-led stablecoin issuers because they are well capitalized and can provide greater safety while promoting broader adoption, the people said.

Standard Chartered declined to comment, and HSBC did ...