Hong Kong's first batch of stablecoin licenses will be issued in Q1 2026!

In a public statement made in December 2025, Rafael Hui, the Secretary for Financial Services and the Treasury of Hong Kong, confirmed that 36 applications for stablecoin licenses had been received, and the first batch of "extremely scarce" licenses was expected to be officially issued in the first quarter of 2026. Coupled with the stringent application criteria akin to "bank-level" standards, this license is regarded by the industry as a "golden ticket" in the digital finance sector, promising to reshape the compliance landscape of Hong Kong's virtual asset industry.

The stablecoin license launched this time is renowned for its high threshold, with multiple requirements directly benchmarked against banking regulatory standards within the industry, highlighting the regulatory authorities' "risk-oriented" control approach. Specifically, the core threshold encompasses five key dimensions: Firstly, reserve assets must be backed by 100% cash or highly liquid assets to ensure the stability of the stablecoin's value anchor; secondly, all reserve assets must be entrusted to a locally licensed bank in Hong Kong for safekeeping, with independent third-party guarantees for fund security; thirdly, a daily audit mechanism is established, requiring issuers to prepare and submit daily reports on the face value of stablecoins in circulation and the market value of reserve assets to the regulator; fourthly, a 24-hour rigid redemption commitment is implemented to ensure that holders can redeem their holdings promptly at par value; fifthly, the applicant's paid-in capital must not be less than HKD 25 million, demonstrating sufficient risk resistance capabilities.

The stringent threshold directly determines the scarcity of the first batch of licenses. The market generally expects that among the 36 applications, only a few institutions will ultimately succeed in passing the hurdle. In fact, the Hong Kong Monetary Authority (HKMA) has previously made it clear that the issuance of licenses will prioritize institutions' compliance capabilities, risk management and control levels, and real application scenarios, rather than simply pursuing quantity. Currently, institutions such as YuanCoin Innovation Technology, JD Coin Chain, and the Standard Chartered Bank consortium, which have been included in the HKMA's stablecoin "sandbox" test, are considered strong contenders for the first batch of licenses. Their business directions are all focused on real transaction scenarios such as cross-border payments and trade settlements.

Industry insiders analyzed and pointed out that the issuance of Hong Kong's first batch of stablecoin licenses carries significant implications for multiple industries. From a regulatory perspective, this marks the substantial implementation of the world's first comprehensive regulatory framework specifically targeting fiat currency stablecoins, setting a compliance benchmark for the industry with the principle of "same activity, same risk, same regulation". From a market perspective, high-quality licenses will filter out superior market entities, driving the return of stablecoins from "hype attributes" to "practical attributes", especially in areas such as cross-border payments and supply chain finance, where efficiency and cost advantages are unleashed. For Hong Kong, this is also an important step in consolidating its position as an international financial center and seizing the initiative in the development of digital finance.