Hong Kong Grants First Stablecoin License to Major Bank: Details

Hong Kong has issued a stablecoin issuance license for the first time to a consortium led by HSBC and Standard Chartered Bank, part of the city’s efforts to strengthen its position in the digital currency field.

he explained The deputy chief executive of the Hong Kong Monetary Authority said that these entities were selected because of their experience in the traditional financial field and risk management, which is in line with the goal of stablecoins to connect traditional and digital financial systems.

In addition to being used for cross-border payments, these licenses also allow the issuance of a stable currency pegged to the Hong Kong dollar.

Licensed entities are expected to begin rolling out services in the coming months after completing necessary preparatory work.

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