The Hong Kong Monetary Authority has awarded the territory's first stablecoin licenses to HSBC and Anchorpoint Financial, a joint venture led by Standard Chartered that includes Animoca Brands. This move marks the first approvals under the Stablecoins Ordinance, which was implemented in August 2025. According to HKMA Chief Executive Eddie Yue, the authority expects the licensed issuers to launch their businesses while managing risks effectively. The approvals follow the assessment of 36 applications, with the regulator prioritizing risk management 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. The licensed stablecoins will operate under one of the world's strictest Know Your Customer (KYC) frameworks, with transfers restricted to wallets whose owners have been identity-verified. This approach reflects the HKMA's decision to focus on stablecoins rather than central bank digital currencies for retail use.
The introduction of regulated, bank-issued HKD stablecoins is expected to play a significant role in regional trade settlement, but it remains to be seen whether they can compete with USD-denominated tokens in the market.