Hong Kong Grants Stablecoin Licences to HSBC and Standard Chartered

The issuance of stablecoin licenses to HSBC and Standard Chartered by Hong Kong is expected to reinforce the banks’ positions within the digital currency ecosystem and bolster investor confidence. Current technical indicators show the price trading above both the 20‑ and 50‑day moving averages, with a strong daily gain of approximately 7%. While the MACD sits slightly below its signal line—indicating a modest short‑term resistance—the RSI is around 69, close to the over‑bought zone but not yet at a critical threshold. This positive development could support the price in the short term (1–3 days) and reinforce an upward trend, though traders are advised to monitor volatility and market sentiment closely.

Hong Kong’s approval of stablecoin licences for HSBC and Standard Chartered could foster a broadly positive sentiment in the crypto market. Standard Chartered (ticker: SC) recorded a 1% rise over the past 24 hours, and its Relative Strength Index (RSI) sits near 60, supporting a short‑term bullish trend. Technically, the MACD has crossed above its signal line, and the 20‑period simple moving average (SMA20) is above the 50‑period SMA (SMA50), both signalling upward momentum. Nonetheless, Standard Chartered’s direct exposure to stablecoins is limited, so the overall impact may remain modest. A modest price uptick is anticipated in the near term, but a significant move is unlikely.