Hong Kong to Issue First Stablecoin Licenses in March as SEC Defines Payment Stablecoin Rules

Hong Kong will issue its first stablecoin issuer licenses in March under a new regulatory framework requiring full reserve backing, independent custody, and redemption at face value, Legislative Council member Ng Kitchung said. In the U.S., SEC Commissioner Hester Peirce said the agency is advancing changes to Rule 15c3-1 to apply a 2% capital haircut for payment stablecoins held by broker-dealers, clarifying that only U.S. dollar-denominated, fully reserved, audited, redeemable stablecoins issued by regulated entities would qualify. The moves signal stablecoins are being integrated into formal regulatory frameworks in major financial centers and treated as standardized components of the global financial system.