HSBC, StanChart Get First Hong Kong Stablecoin Issuer Licenses

Hong Kong has granted its inaugural stablecoin issuer licenses to HSBC Holdings Plc and a joint venture of Standard Chartered Plc, allowing the two lenders to be the first companies to issue cryptocurrencies pegged to the local currency.

The two banks, which also issue Hong Kong dollar notes, won the mandate from a pool of 36 applicants, the Hong Kong Monetary Authority announced on Friday. The Standard Chartered venture, called Anchorpoint Financial Ltd., includes Hong Kong Telecommunications Ltd. and Animoca Brands Ltd.