In a groundbreaking move, Hong Kong has issued its inaugural stablecoin licenses to HSBC and Anchorpoint Financial, a joint venture led by Standard Chartered and including Animoca Brands. This development follows the implementation of the Stablecoins Ordinance in August 2025. According to Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, the licensed issuers are expected to launch their operations in accordance with their plans while ensuring proper risk management. The regulator hopes that the introduction of regulated stablecoins will address existing pain points in financial transactions, create value for individuals and businesses, and support the growth of digital assets in Hong Kong.
The licensing process involved a thorough assessment of 36 applications, with the regulator prioritizing risk management, reserve quality, and anti-money-laundering controls. Notably, the decision to license note-issuing banks first appears to be a deliberate move, given their historical role in issuing currency in Hong Kong. The licenses are subject to one of the world's strictest Know-Your-Customer frameworks, requiring identity verification for wallet owners and imposing transfer restrictions above a certain threshold.
This move reflects the Hong Kong Monetary Authority's decision to focus on stablecoins rather than central bank digital currencies for retail use. The introduction of regulated stablecoins is expected to lay the foundation for a new era of digital trade settlement, with potential applications in cross-border commerce. However, it remains to be seen whether the market will respond positively to the introduction of non-dollar stablecoins, despite their tight regulation.