The Hong Kong Monetary Authority has granted its first stablecoin issuer licenses to HSBC and Anchorpoint Financial, a joint venture led by Standard Chartered that includes Animoca Brands. The approval marks the first batch under the Stablecoins Ordinance, effective August 2025.
According to HKMA chief executive Eddie Yue, "We look forward to the issuers launching their business as planned, exploring growth opportunities while properly managing risks." The regulator assessed 36 applications, prioritizing risk management, reserve quality, and anti-money-laundering controls. The decision to license note-issuing banks first appears to be deliberate, as they will be required to adhere to a strict identity regime with one of the world's strictest KYC frameworks for digital money.
The licenses come with guidelines that require licensed stablecoins to only be transferred to wallets whose owners have been identity-verified, with the travel rule applying to transfers above HK$8,000. This means that HKD stablecoins will likely embed compliance checks into their smart contracts, restricting transfers to wallets listed in an on-chain white list.
The bank-led stablecoin model reflects the HKMA’s decision to deprioritize its central bank digital currency for retail use, instead focusing on stablecoins as a new medium for cross-border commerce.