The Hong Kong Monetary Authority has granted its first two stablecoin issuer licenses to HSBC and Anchorpoint Financial, a joint venture led by Standard Chartered that includes Animoca Brands. This move marks the first batch of approvals under the Stablecoins Ordinance, which was implemented 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 properly managing risks. The approval of these licenses is seen as a deliberate move, prioritizing the city's note-issuing banks, with the regulator focusing on risk management, reserve quality, and anti-money-laundering controls.
The licensed stablecoins will operate under one of the world's strictest Know Your Customer (KYC) frameworks for digital money, with transfers restricted to wallets whose owners have undergone identity verification. This development reflects the HKMA's decision to deprioritize its central bank digital currency (CBDC) for retail use, instead focusing on the bank-led stablecoin model. The market's response to these regulated, bank-issued HKD stablecoins remains to be seen, as they aim to carve out a role in regional trade settlement.