In a groundbreaking move, the Hong Kong Monetary Authority has granted licenses to HSBC and Anchorpoint Financial, a Standard Chartered-led joint venture that includes Animoca Brands, to issue stablecoins. This decision comes after the Stablecoins Ordinance came into effect in August 2025. According to HKMA chief executive Eddie Yue, the authority is looking forward to the issuers launching their businesses while properly managing risks. The HKMA had received 36 applications and has emphasized the importance of risk management, reserve quality, and anti-money-laundering controls.
The decision to license note-issuing banks first appears to be a deliberate move, with HSBC and Standard Chartered being two of the three commercial banks authorized to print Hong Kong dollar banknotes. The licensed stablecoins will have to adhere to one of the world's strictest KYC frameworks, with transfers above HK$8,000 requiring identity verification. This move reflects the HKMA's decision to deprioritize its central bank digital currency for retail use, instead focusing on stablecoins as a potential medium for cross-border commerce.
Whether the market will respond positively to regulated, bank-issued HKD stablecoins remains to be seen, given the dominance of USD-denominated tokens in the stablecoin market.