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 development follows the implementation 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 while effectively managing risks.
Yue expressed hopes that the promotion of regulated stablecoins will address financial and economic pain points, create value for individuals and businesses, and support the healthy development of digital assets in Hong Kong. The HKMA evaluated 36 applications and prioritized risk management, reserve quality, and anti-money-laundering controls. The decision to initially license note-issuing banks, such as HSBC and Standard Chartered, appears to be deliberate, given their historical role in printing Hong Kong dollar banknotes.
The licensed stablecoins will operate under one of the world's strictest Know Your Customer (KYC) frameworks, requiring identity verification for wallet owners and restricting transfers above a certain threshold. This development also reflects the HKMA's decision to deprioritize its central bank digital currency for retail use, instead focusing on the bank-led stablecoin model.
The market's response to these regulated, bank-issued stablecoins remains to be seen, particularly in terms of their ability to compete with USD-denominated tokens and build necessary network effects.