Hong Kong issues first batch of stablecoin licenses to HSBC and Standard Chartered Bank

Hong Kong issued its first batch of fiat-backed stablecoin licenses on Friday, marking significant progress in the city's efforts to establish regulated digital currencies in global finance and trade.
The Hong Kong Monetary Authority approved the joint venture of HSBC and Standard Chartered Bank to issue a Hong Kong dollar-backed stablecoin under the city’s new stablecoin regime, which takes effect in August 2025.
A stablecoin is a cryptocurrency designed to maintain a constant value, often pegged to a fiat currency such as the U.S. dollar.