Hong Kong Monetary Authority Aims to Issue Stablecoin Licenses by March

Hong Kong's Monetary Authority is working towards issuing the first batch of stablecoin issuer licenses by March. According to Odaily, there are reports that HSBC and Standard Chartered are expected to be among the first approved institutions. Georges Elhedery, CEO of HSBC Holdings, expressed interest in participating in all of Hong Kong's innovative developments and hopes to play a role in them. Stablecoins offer the ability to complete trade payments seamlessly and instantly around the clock. Hong Kong provides HSBC with the opportunity to explore innovative technology services for the financial system, such as tokenized deposits. Currently, HSBC is utilizing blockchain technology to assist in bond issuance, including Hong Kong government sustainable bonds, and is also involved in tokenized gold business.