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 approvals under the Stablecoins Ordinance, which came into effect in August 2025.
According to HKMA chief executive Eddie Yue, the licensed issuers are expected to launch their businesses while managing risks and promoting regulated stablecoins to address financial pain points and support the development of digital assets in Hong Kong. The HKMA had received 36 applications but initially planned to approve only a limited number, prioritizing risk management and anti-money-laundering controls.
The decision to license note-issuing banks first appears to be deliberate, as HSBC and Standard Chartered are among the few banks authorized to print Hong Kong dollar banknotes. The licenses come with strict know-your-customer frameworks, requiring identity verification for wallet owners and restricting transfers above a certain threshold.
This model 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. The success of these regulated, bank-issued stablecoins in competing with USD-denominated tokens remains to be seen.