Hong Kong has granted its first stablecoin issuer licenses to HSBC and a Standard Chartered-led consortium. This move aims to establish the city as a global hub for digital assets by integrating traditional and crypto finance.

HSBC and a consortium led by Standard Chartered have been awarded Hong Kong’s first stablecoin issuer licences, marking the city’s latest step towards embracing cryptocurrency’s most-traded cash substitute in its bid to become a global digital asset hub. “The two applicants have experience in traditional financial and risk management, which fits the mission of stablecoins that aim to bridge traditional finance and digital finance,” said Hong Kong Monetary Authority (HKMA) deputy chief executive....