The Hong Kong Monetary Authority 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 Eddie Yue, the chief executive of the HKMA, "We look forward to the issuers launching their business as planned, exploring growth opportunities while properly managing risks." The regulator assessed 36 applications and prioritized risk management, reserve quality, and anti-money-laundering controls. The decision to license note-issuing banks first appears to be deliberate, given that HSBC and Standard Chartered are two of the three commercial banks authorized to print Hong Kong dollar banknotes.
The licenses come with strict Know Your Customer (KYC) frameworks for digital money, requiring identity verification for wallet owners and restricting transfers above HK$8,000. This approach reflects the HKMA's decision to deprioritize its central bank digital currency for retail use. Standard Chartered CEO Bill Winters believes that Hong Kong's push into stablecoins and tokenized deposits could lay the foundation for a new era of digital trade settlement. However, it remains to be seen whether the market will agree, given that USD-denominated tokens dominate the stablecoin market.