In an industry first, Hong Kong has awarded HSBC and a consortium led by Standard Chartered the city’s first stablecoin issuer licenses, marking its latest step towards embracing the industry’s leading use case.

Commenting on the matter was Darryl Chan, the deputy chief executive of the Hong Kong Monetary Authority (HKMA), who said:

The two applicants have experience in traditional financial and risk management, which fits the mission of stablecoins that aim to bridge traditional finance and digital finance.

Both licenses allow the issuance of stablecoins pegged to the Hong Kong dollar and the conduct of cross-border payments.

The South China Morning Post reports that, according to the licensees’ business plans, they intend to complete the necessary preparations and launch operations within the next few months.

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