HashKey News Flash | Hong Kong Stablecoin Licensing Countdown: Banks May Lead, Rumors of Yuan Coin Technology Excluded, HashKey Narrative Faces Test $HSK

The era of Hong Kong stablecoins is approaching.
Market sources indicate that the Hong Kong Monetary Authority (HKMA) is expected to issue the first stablecoin licenses after the March 2026 two sessions. However, regulatory stance remains extremely cautious—only 3 to 4 institutions may receive licenses initially, with fierce competition.
Currently, the industry landscape shows that the banking sector has a clear advantage. The most favored candidates 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 piece of 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 license. If this news is confirmed, it will undoubtedly be the biggest surprise in the initial licensing.
More importantly, this change could impact HashKey’s market narrative. Yuan Coin Technology is held by HashKey with over 30% ownership.
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, this story may cool off 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 licenses is likely to be announced in the coming weeks.
And this list will also determine the first map of Hong Kong’s stablecoin market.
#Hashkey $HSK