The race for Hong Kong’s first stablecoin licenses is heating up, with just 3-4 “entry tickets” on the line. 🎟️ Traditional banks, tech giants, and local innovators are all vying for a spot. But who has the edge?
🏦 Banking Contenders: Standard Chartered is a frontrunner due to its early participation in the HKMA sandbox and focus on cross-border settlement. Bank of China (HK) holds a key advantage with its role as the sole offshore RMB clearing bank.
💻 Tech Titans: Ant Group has unmatched consumer reach with over 50% of Hong Kong’s e-payment market share. However, JD Technology has a sandbox advantage and a strong B2B focus with over 1,000 Hong Kong business clients.
📈 Securities Firms: Guotai Junan is a strong candidate with its comprehensive licensing portfolio and a clear stablecoin use case for IPO settlements. Futu Securities benefits from a large, engaged user base.
🚀 Dark Horses: Local challengers like CircCo, founded by a former HKMA Chief Executive, and HKT, in a joint venture with Standard Chartered and Animoca Brands, have unique advantages and are active in the sandbox.
The final decision will likely favor a diverse group of winners.
Who do you think will win the first licenses and why?
Hong Kong stablecoin license race
The race for Hong Kong’s first stablecoin licenses is heating up, with just 3-4 “entry tickets” on t…