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. The approvals mark the first batch under the Stablecoins Ordinance, enacted in August 2025.
According to HKMA Chief Executive Eddie Yue, the authority looks forward to the licensed issuers launching their businesses and exploring growth opportunities while managing risks. Yue expressed hope 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 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, with HSBC and Standard Chartered being two of the three commercial banks authorized to print Hong Kong dollar banknotes.
The licensed stablecoins will operate under one of the world's strictest KYC frameworks for digital money, with transfers above HK$8,000 requiring identity verification. The HKMA's approach reflects its decision to deprioritize its central bank digital currency for retail use, instead focusing on stablecoins as a new medium for cross-border commerce.
Whether the market will agree with this approach remains to be seen, as stablecoins are a $310 billion asset class dominated by USD-denominated tokens.