Update: Market Chatter: HSBC, Standard Chartered Set to Receive Stablecoin Licenses in Hong Kong

MT Newswires Live03-16 16:32

(Updates with Hong Kong Monetary Authority response in the fourth paragraph.)

HSBC (HSBC) and Standard Chartered are set to become the first licensed stablecoin issuers in Hong Kong, Bloomberg News reported Friday, citing people familiar with the matter.

The two banks will be in the first batch of approvals as the Hong Kong Monetary Authority prioritizes institutions already authorized to issue bank notes, the people said, according to the report.

Hong Kong's de facto central bank said last month that the first stablecoin licenses could be issued as soon as March and that it had received 36 applications, Bloomberg reported.

A Hong Kong Monetary Authority spokesperson told MT Newswires the regulator doesn't comment on market rumors. Standard Chartered previously declined to comment, while HSBC didn't immediately respond to a request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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