Today in crypto, Hong Kong is set to issue its first stablecoin issuer licenses, with HSBC and Standard Chartered likely among a “very small number” of initially approved issuers, local media reported, US President Donald Trump’s memecoin team has offered tokenholders another exclusive event with the president, and US Commodity Futures Trading Commission Chair Michael Selig put out prediction markets rulemaking for public comment.
HSBC, StanChart tipped for first Hong Kong stablecoin licenses
HSBC Holdings and a joint venture led by Standard Chartered are reportedly set to become the first authorized stablecoin issuers in Hong Kong.
The Hong Kong Monetary Authority (HKMA) is expected to issue stablecoin licenses to HSBC and Standard Chartered, the South China Morning Post reported Thursday, citing people familiar with the matter. HSBC and Standard Chartered are set to be in the first batch as authorities reportedly prioritize institutions already authorized to issue banknotes in the city.
The Hong Kong government, through the HKMA, authorizes banknote issuance to three commercial banks, including local branches of HSBC, Standard Chartered and the Bank of China.
The Hong Kong Monetary Authority has not confirmed the names of any successful applicants. Standard Chartered declined to comment, and HSBC did not immediately respond to a request for comment.
The approvals would mark a major step toward Hong Kong’s ambition to become a global digital asset hub despite neighboring mainland China reportedly making it harder to launch stablecoins in the region.
According to the SCMP, the number of licenses and timetable had yet to be finalized and remained subject to change, but the sources indicated a possible date on March 24.
Trump offers memecoin holders another exclusive gala
US President Donald Trump’s memecoin team offered the token’s top holders another chance to be at an exclusive event with the president, this time at his Mar-a-Lago residence in Florida.
The top 297 holders of the Official Trump (TRUMP) token could win a spot at the April 25 luncheon, where Trump is billed as the keynote speaker; however, a White House official told Politico that the event isn’t locked in on Trump’s schedule, and is taking place the same day that Trump said he would attend the White House Correspondents’ Dinner.
Eligibility to attend the event is limited to the top 297 holders based on time-weighted holdings between Mar. 12 and April 10. Attendees will also need to pass a background check. The top 29 holders will also qualify for a private reception with Trump.
The TRUMP token hit a high of $3.06 on Thursday amid news of the gala, climbing from an all-time low of $2.73 hours earlier, according to CoinGecko. It is, however, down 96% from its all-time high in January 2025 of $73.43.
It is the second event for holders of the TRUMP token, with the first taking place at a Trump golf club in May, which attracted concern from critics who accused Trump of using his position as president for personal financial gain.
CFTC chair opens prediction markets rulemaking to public comment
Michael Selig, chair of the US Commodity Futures Trading Commission (CFTC), has proposed a rule that could amend or issue new regulations over event contracts on prediction markets platforms like Kalshi and Polymarket.
In a Thursday notice, the CFTC issued a staff advisory classifying event contracts on prediction markets as a “financial asset class.” The regulator also submitted an Advanced Notice of Proposed Rulemaking to be published in the Federal Register, asking for public comment on how the Commodity Exchange Act (CEA) would apply to prediction markets.
“Prediction markets are one of the most exciting innovations in financial markets,” said Selig in a Thursday X post. “Yet for too long, the CFTC has failed to provide guidance for these markets being used by millions of Americans. This ends today.”
