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Hong Kong is preparing to grant its inaugural stablecoin issuer licenses to HSBC and a joint venture led by Standard Chartered in March 2026. This decision follows the HKMA's review of 36 applications under the Stablecoins Ordinance, which aims to strengthen Hong Kong's position as a digital asset hub. The long-term implication is that this move could enhance competition in the digital asset space, particularly against other financial centers like Dubai.
