Two of the world’s biggest banks, HSBC and ICBC, are awaiting their stablecoin licenses from the HKMA.
There is indication that both HSBC (Hongkong Shanghai Banking Corporation) and ICBC (Industial and Commercial Bank of China) may be selected to be included in the first batch of approved licensees from the HKMA stablecoin licensing framework.
Both banks are highly regarded and fall within the top 10 largest banks in the world by market cap.
Top 10 Banks By CompaniesMarketCap:
Around 77 financial institutions had applied since the framework launched at the start of August.
Other banks, such as Standard Chartered, may also be waiting in line to see who will be approved by the regulator in the first quarter of 2026, a deliberate process by the regulator.
An excerpt from the official HKMA and SFC statement:
The HKMA emphasises that an indication of interest or application for a stablecoin licence, and the HKMA’s communication with the interested entities are just part of the licensing process. The granting of licence will be determined by the fulfilment of the licensing criteria.
The objective is to gradually roll out the licenses to suitable actors and maintain a controlled regulatory environment as more large financial institutions are welcomed into the matured stablecoin sector, now sitting at a $280B+ market cap.
