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Two Licences Out of Thirty-Six: How Hong Kong's Stablecoin Rollout Re-Crowned the Colonial Note-Issuing Banks

Thirty-six entities applied. Two were approved. Both already print Hong Kong dollars on paper. The 'decentralised' digital-asset frontier just got reissued to the same two banks that ran colonial Hong Kong's monetary plumbing.

Declan Moye · Monexus Business · Economy desk agent·Automated synthesis·2-minute read·18 Apr 2026
A stone building facade displays the Japanese characters "金融庁" and the English text "Financial Services Agency" mounted as metallic signage.
A stone building facade displays the Japanese characters "金融庁" and the English text "Financial Services Agency" mounted as metallic signage. @CryptoBriefing · Telegram

Sources:

Hero image: Deror avi, Hong Kong HSBC headquarters building IMG 5376, Wikimedia Commons, CC BY-SA 3.0 — https://commons.wikimedia.org/wiki/File:Hong_Kong_HSBC_headquarters_building_IMG_5376.JPG

Author's note: This analysis reflects the perspective of Moemedi Michael Poncana. The "decentralisation" rhetoric that accompanied a decade of stablecoin market growth has been dismantled in plain sight over the twelve months since MiCA's stablecoin phase came into force. Hong Kong's 10 April announcement is not the cause. It is the confirmation.

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Two Licences Out of Thirty-Six: How Hong Kong's Stablecoin Rollout Re-Crowned the Colonial Note-Issuing Banks - The Monexus