#Gate广场四月发帖挑战

Hong Kong's First Stablecoin License Delay!

Hong Kong's first stablecoin issuer licenses are confirmed to be delayed. Since the Hong Kong "Stablecoin Ordinance" officially took effect on August 1, 2025, the market has been highly focused on the timetable for issuing the first licenses. However, according to media reports, a spokesperson from the Hong Kong Monetary Authority (HKMA) confirmed that the licenses were not issued as scheduled in March. The HKMA is currently "fully advancing the licensing process and will announce updates in due course."

This "March issuance" expectation is not a market speculation but a public commitment from senior government officials.

HKMA Chief Executive Eddie Yue explicitly stated in early February that the goal is to issue Hong Kong's first stablecoin issuer licenses by March 2026. At that time, the HKMA was actively evaluating application materials and requesting additional information from applicants.

Financial Secretary Paul Chan also explicitly stated in the 2026/27 Budget released on February 25 that "the first compliant stablecoin issuer licenses in Hong Kong will be issued in March," emphasizing that the government and financial regulators will continue to assist licensed issuers in exploring more application scenarios under compliance and risk control.

The endorsements from these two officials once convinced the market that the licenses would be issued in March without fail.

🔍 Who will be shortlisted? - Standard Chartered, HSBC, and OSL are the top contenders; Chinese-funded institutions reportedly not shortlisted

According to earlier reports, the popular candidates for the first licenses include Standard Chartered Bank and HSBC. The HKMA is said to prioritize institutions with banknote issuance qualifications. Meanwhile, several Chinese-funded institutions are rumored to have not made the initial list, reflecting high thresholds set by regulators during the early review process.

🏣 What is the impact? - Has the "race for global first" concept changed?

Hong Kong has been a global leader in advancing a stablecoin regulatory framework. Since the Stablecoin Ordinance came into effect, the signals from the government have consistently been "fast, stable, and compliant."

However, the delay in issuing the first licenses inevitably raises doubts about the review process: Is it that some applicants failed to meet regulatory standards, or is the HKMA being overly cautious in scrutinizing details? Or perhaps higher-level concerns about the positioning and compliance of stablecoins have led to a policy shift? The HKMA has only responded with "to be announced in due course" and has not provided any specific timeline. Whether Hong Kong can continue to maintain its leading position in stablecoin regulation in the coming weeks remains to be seen.