The Hong Kong Monetary Authority has issued its first stablecoin licenses to HSBC and Anchorpoint Financial, a joint venture led by Standard Chartered that includes Animoca Brands. This move marks the first batch of approvals under the Stablecoins Ordinance, which was implemented in August 2025. According to Eddie Yue, chief executive of the Hong Kong Monetary Authority, "We look forward to the issuers launching their businesses according to plan, exploring growth opportunities while properly managing risks." The HKMA had assessed 36 applications and had indicated that the initial round of approvals would be limited, with a focus on risk management, reserve quality, and anti-money-laundering controls.
The decision to license note-issuing banks first appears to be a deliberate move, with HSBC and Standard Chartered being two of the three commercial banks authorized to print Hong Kong dollar banknotes. Yue has drawn parallels between the historical issuance of currency by private banks and the role of stablecoins as a blockchain-based equivalent. The licenses come with strict know-your-customer frameworks, requiring licensed stablecoins to only be transferred to wallets whose owners have been identity-verified. This means that HKD stablecoins will likely embed compliance checks into their smart contracts, restricting transfers to wallets listed in an on-chain white list.
The bank-led stablecoin model also reflects the HKMA's decision to deprioritize its central bank digital currency for retail use. Instead, the focus is on stablecoins, which could lay the foundation for a new era of digital trade settlement, according to Standard Chartered CEO Bill Winters. Whether the market agrees remains to be seen, as stablecoins are a $310 billion asset class dominated by USD-denominated tokens.