In a landmark decision, Hong Kong has issued its inaugural stablecoin licenses to HSBC and Anchorpoint Financial, a joint venture led by Standard Chartered and backed by Animoca Brands. This move, announced by the Hong Kong Monetary Authority, the territory's central bank, represents the first batch of approvals under the Stablecoins Ordinance, which came into effect in August 2025. According to Eddie Yue, chief executive of the HKMA, "We anticipate that these issuers will initiate their operations as planned, exploring growth opportunities while effectively managing risks." The regulator assessed 36 applications, prioritizing risk management, reserve quality, and anti-money-laundering controls. By licensing note-issuing banks first, Hong Kong aims to leverage the expertise of established financial institutions like HSBC and Standard Chartered.
The licensed stablecoins will operate under one of the world's strictest Know Your Customer (KYC) frameworks, with transfers restricted to identity-verified wallets and subject to the travel rule for amounts exceeding HK$8,000. This development reflects Hong Kong's strategic decision to focus on stablecoins rather than central bank digital currencies for retail use, with the potential to carve out a niche in regional trade settlement.