HashKey快讯｜Hong Kong Stablecoin Licence Countdown: Banks Leading the Race, Rumours of Yuan Coin Technology Excluded, HashKey Narrative Under Test $HSK

A era of Hong Kong stablecoins is approaching.
Market sources indicate that the Hong Kong Monetary Authority (HKMA) is expected to issue the first stablecoin licences after the March 2026 two sessions. However, the regulatory stance remains extremely cautious — the first batch may only include 3 to 4 institutions, with fierce competition.
Currently, the banking system clearly holds an advantage. The most favoured candidates among the market include:
1️⃣ Standard Chartered Bank + Animoca Brands + HKT Consortium
2️⃣ Bank of China (Hong Kong) System
3️⃣ JD Coinlink
However, today the market reported an unexpected news:
The highly anticipated Yuan Coin Technology (RD Technologies) may not have made it into the first batch.
Yuan Coin Technology was founded by former Hong Kong Monetary Authority Chief Executive Chen De Lin, invested and incubated by Hashkey. Its HKD stablecoin HKDR has already entered the regulatory sandbox and was once considered one of the most promising projects to receive a licence. If this news is confirmed, it will undoubtedly be the biggest surprise in the first batch of licences.
More importantly, this change could impact HashKey’s market narrative. Yuan Coin Technology holds over 30% of Hashkey’s shares.
Previously, the market generally expected that if HKDR stablecoin is launched, HashKey Exchange could become an important circulation platform for the HKD stablecoin, thereby boosting its platform ecosystem and re-evaluating its valuation.
If Yuan Coin Technology does not enter the first batch of licences, this story may cool down in the short term.
However, from a longer-term perspective, the true competition in stablecoins is not just about “who issues”, but also about who controls the trading, circulation, and settlement networks. As Hong Kong’s stablecoin system is implemented, exchanges, RWA platforms, and on-chain infrastructure may still become key hubs of the entire ecosystem.
The list of the first batch of licences is likely to be announced in the coming weeks.
And this list will also determine the first map of the Hong Kong stablecoin market.
#Hashkey $HSK