The first batch of licensed stablecoins in Hong Kong may be announced next week, with reports indicating that Standard Chartered, HSBC, and OSL Group are among the shortlisted applicants.

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Source: Zhitong Finance Network

It is reported that the list of the first batch of stablecoin issuers in Hong Kong is expected to be announced this month, possibly as early as next week. According to media reports citing sources, three companies have been shortlisted, including Standard Chartered Bank, HSBC, and Hong Kong’s first licensed virtual asset trading platform OSL Group (00863). However, the sources indicate that the list is still subject to change, and the final result may be adjusted.

It is understood that Yuanbi Technology, founded by former Hong Kong Monetary Authority Chief Executive Chen De Lin, and Lianlian Digital (02598), which engages in digital payment services, were originally among the candidates. Sources reveal that initially about five institutions were on the shortlist, which was later narrowed down to three. The licensing process may involve multiple considerations, including technical factors, so the specific list could change at any time.

Industry insiders believe that, due to the strict regulation of issuing banks, the final list of licensees is likely to be dominated by banks to ensure stability and market confidence.

Additionally, the announced shortlist does not include any mainland Chinese institutions. Media reports last year indicated that several major Chinese tech giants, including Ant Group under Alibaba (09988) and JD.com (09618), have suspended plans to issue stablecoins in Hong Kong.

Sources also mentioned that, given the numerous policies and discussions announced during the two sessions in mainland China, it is quite possible that the Hong Kong stablecoin issuer license announcement will be made next week. The two sessions will conclude fully this Friday.

A spokesperson for the Hong Kong Monetary Authority responded to inquiries, stating they do not comment on market rumors. Neither Yuanbi Technology nor other companies rumored to be on the first batch of stablecoin licenses issued any statements.

Regarding stablecoin development, OSL Group announced last month that its subsidiary OSL HK officially launched the enterprise-grade compliant stablecoin USDGO for trading by professional investors in Hong Kong, reflecting OSL’s experience in the stablecoin field. HSBC Holdings (00005) CEO Noel Quinn also expressed a positive and open attitude toward the development of the stablecoin market in Hong Kong earlier this month and maintains communication with the Hong Kong Monetary Authority.

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Editor: Zhu Hena