Stablecoins in Hong Kong: HSBC and Standard Chartered Favorites for Licenses
HSBC and Standard Chartered are in pole position to issue stablecoins in Hong Kong, according to Bloomberg. The Hong Kong Monetary Authority (HKMA) favors note-issuing banks to ensure stability. The stablecoins will be backed by the HKD and subject to strict rules. 36 applications received, the first winners announced on March 24. A step towards the development of the crypto market in Hong Kong.
HSBC and Standard Chartered are in pole position to issue stablecoins in Hong Kong, according to Bloomberg. The Hong Kong Monetary Authority (HKMA) favors note-issuing banks to ensure stability. The stablecoins will be backed by the HKD and subject to strict rules. 36 applications received, the first winners announced on March 24. A step towards the development of the crypto market in Hong Kong.