In a landmark decision, Hong Kong has issued its first stablecoin 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, "We anticipate that the licensed issuers will commence operations in line with their plans, 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, the decision appears to be deliberate, with HSBC and Standard Chartered being two of the three authorized banks to print Hong Kong dollar banknotes.
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 may indicate a shift in focus from central bank digital currencies (CBDCs) to stablecoins, with the potential to carve out a role in regional trade settlement.