The Hong Kong Monetary Authority has granted licenses to HSBC and Anchorpoint Financial, a joint venture led by Standard Chartered, to issue stablecoins. This move marks the first approvals under the Stablecoins Ordinance, which came into effect 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. The decision to license these institutions first appears deliberate, given their history of issuing banknotes in Hong Kong.
The licenses are subject to strict know-your-customer frameworks, with transfers limited to wallets whose owners have been identity-verified. The development reflects the HKMA's decision to prioritize stablecoins over a central bank digital currency for retail use. Standard Chartered CEO Bill Winters believes that Hong Kong's push into stablecoins could lay the foundation for a new era of digital trade settlement. However, it remains to be seen whether the market will adopt these regulated, bank-issued stablecoins, particularly given the dominance of USD-denominated tokens in the market.