Hong Kong’s first batch of stablecoin issuer licenses were not issued as scheduled in March. The Hong Kong Monetary Authority: fully committed to advancing efforts and will disclose information in a timely manner.

After the Hong Kong “Stablecoin Ordinance” took effect on August 1, 2025, the initially scheduled issuance of the first batch of issuer licenses was set for March 2026, but as of the end of March, nothing has materialized yet. The Hong Kong Monetary Authority has only said it would “announce in due course.”
(Backgrounder: HSBC and Standard Chartered are first in line! Hong Kong’s first batch of stablecoin licenses could be issued as early as March 24, with the HKMA giving priority to institutions that have the authorization to issue banknotes)
(Additional context: Hong Kong’s first batch of stablecoin issuer licenses is rumored to be released as early as next week—Standard Chartered, HSBC, and OSL are expected to make the shortlist).

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• Yu Weiwen and Chen Maobo both lend their support
• Standard Chartered, HSBC, and OSL have the loudest backing; it is reported that mainland China-funded institutions were not shortlisted
• The race to be first globally—has the picture changed?

Hong Kong’s first batch of stablecoin issuer licenses has been confirmed to be postponed. After Hong Kong’s “Stablecoin Ordinance” officially took effect on August 1, 2025, the market has been highly focused on the timeline for issuing the first batch of licenses.

However, Caixin reported that a spokesperson for the Hong Kong Monetary Authority (HKMA) confirmed that the licenses did not land as scheduled in March. The HKMA is currently “fully pushing forward with licensing, and will announce externally in due course.”

Yu Weiwen and Chen Maobo both lend their support

This expectation of “landing in March” was not a scenario the market came up with on its own; it came from public commitments by senior officials of the Hong Kong government.

HKMA Chief Executive Yu Weiwen said clearly in early February this year that the target was to issue Hong Kong’s first batch of stablecoin issuer licenses in March 2026. At that time, the HKMA was actively assessing information submitted by each applicant, and required applicant institutions to submit additional information.

Financial Secretary Chen Maobo also, in the 2026/27 Budget (Fiscal Budget) released on February 25, wrote in black and white that “Hong Kong’s first batch of compliant stablecoin issuer licenses will be issued in March.” At the same time, he emphasized that the Hong Kong government and financial regulators will continue to help licensed issuers explore more application scenarios on the premise that compliance is met and risks are controllable.

The two officials’ endorsements once led the market to believe that license issuance in March was essentially set in stone.

Standard Chartered, HSBC, and OSL have the loudest backing; it is reported that mainland China-funded institutions were not shortlisted

According to an earlier report by Block Tempo, the leading candidates for the first batch of licenses included Standard Chartered Bank and HSBC. The HKMA was said to prioritize institutions that have the qualifications to issue banknotes. At the same time, it was rumored that several institutions with mainland China backgrounds failed to make the first-batch shortlist, suggesting that the regulator set a higher threshold for initial reviews.

The race for the number-one spot globally—has the picture changed?

The pace at which Hong Kong has been advancing its stablecoin regulatory framework has long made it a global frontrunner. After the “Stablecoin Ordinance” took effect, the signals Hong Kong’s government has sent to the outside world have consistently been “fast, steady, and compliant,” with all three going hand in hand.

However, the delay in issuing the first batch of licenses inevitably raises doubts externally about the review progress: is it that certain applicant institutions failed to meet regulatory standards, or did the HKMA choose to be strict in the details and not lower the bar?

The HKMA currently only responds with the phrase “announce in due course,” without revealing any specific timeline. Whether Hong Kong can continue to maintain its lead as a first mover in the stablecoin regulatory arena is worth watching in the developments over the coming weeks.