In a groundbreaking move, Hong Kong has issued its first stablecoin licenses to HSBC and Anchorpoint Financial, a joint venture led by Standard Chartered and including Animoca Brands. This development follows the introduction of the Stablecoins Ordinance 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 assessed 36 applications before granting the licenses, prioritizing risk management, reserve quality, and anti-money laundering controls.
The decision to license note-issuing banks first appears to be a deliberate move, given that HSBC and Standard Chartered are among 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 identity-verified wallets. This approach reflects the HKMA's decision to deprioritize its central bank digital currency for retail use, focusing instead on the bank-led stablecoin model.
The introduction of regulated, bank-issued HKD stablecoins is expected to play a significant role in regional trade settlement, potentially laying the foundation for a new era of digital trade settlement.