In a landmark move, the Hong Kong Monetary Authority has issued its first two 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 HKMA Chief Executive Eddie Yue, the authority looks forward to the licensed issuers commencing operations as planned, while effectively managing associated risks. The regulator assessed 36 applications, prioritizing risk management and anti-money-laundering controls.
The decision to initially license note-issuing banks, such as HSBC and Standard Chartered, reflects a deliberate approach, given their historical role in printing Hong Kong dollar banknotes. The licensed stablecoins will operate under one of the world's strictest Know-Your-Customer (KYC) frameworks, with transfers restricted to identity-verified wallets.
This model differs significantly from other freely transferable tokens. Furthermore, the development of stablecoins in Hong Kong may have implications for the territory's central bank digital currency (CBDC) plans, which have been deprioritized for retail use. The introduction of regulated, bank-issued stablecoins is expected to play a key role in regional trade settlement, potentially paving the way for a new era in digital commerce.