The Hong Kong Monetary Authority granted the territory's first two stablecoin issuer licenses to HSBC and Anchorpoint Financial, a joint venture led by Standard Chartered that includes Animoca Brands, on Friday. The approvals mark the first batch under the Stablecoins Ordinance, effective in August 2025.
According to HKMA Chief Executive Eddie Yue, "We look forward to the issuers launching business according to their plans, exploring growth opportunities while properly managing risks." The regulator assessed 36 applications, prioritizing risk management, reserve quality, and anti-money-laundering controls. The licenses come with one of the world's strictest KYC frameworks for digital money, requiring identity verification for wallet owners and restricting transfers above HK$8,000. This development reflects the HKMA's decision to focus on a bank-led stablecoin model, deprioritizing its central bank digital currency for retail use.
Standard Chartered CEO Bill Winters believes that Hong Kong's push into stablecoins and tokenized deposits could lay the foundation for a new era of digital trade settlement. Whether the market agrees remains to be seen, given that USD-denominated tokens dominate the stablecoin market.