Some Applicants for Hong Kong Stablecoin Licenses Have Already Secured Custodian Banks

According to a report by Jinse Finance, as disclosed by 21st Century Business Herald, some institutions planning to apply for a Hong Kong stablecoin license have already finalized their custodian banks: ZA Bank and Deutsche Bank have been selected by certain institutions; Standard Chartered and Fusion Bank are also potential custodian banks; HSBC has recently launched new virtual asset-related services. In addition, Chinese-funded banks in Hong Kong are actively expanding their presence, with CMB Wing Lung Bank, a subsidiary of China Merchants Bank, stepping up its promotion of stablecoin custody services. However, as of now, the three “sandbox” institutions—Yuanbi Innovation Technology, JD Coin Chain Technology, and the consortium formed by Standard Chartered, Animoca Group, and HKT—have yet to fully announce their chosen custodian banks.