In a landmark move, Hong Kong has issued its first two stablecoin licenses to HSBC and Anchorpoint Financial, a joint venture led by Standard Chartered that includes Animoca Brands, as announced on Friday. This decision marks the first batch of approvals under the Stablecoins Ordinance, which took effect in August 2025. According to HKMA Chief Executive Eddie Yue, the authority looks forward to the licensed issuers launching their businesses, exploring growth opportunities while managing risks effectively. The HKMA received 36 applications and prioritized risk management, reserve quality, and anti-money-laundering controls.
By licensing note-issuing banks first, the regulator appears to be adopting a deliberate approach. The licenses come with strict identity verification requirements, with licensed stablecoins only transferable to wallets whose owners have undergone identity verification.
This strict regime may lead to the development of HKD stablecoins with embedded compliance checks, distinguishing them from freely transferable tokens. 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, as highlighted by Standard Chartered CEO Bill Winters. The market's response to these regulated, bank-issued HKD stablecoins remains to be seen, particularly in competing with USD-denominated tokens in the $310 billion stablecoin market.