HKMA Issues First Stablecoin Licences to HSBC Hong Kong and Anchorpoint
Hong Kong has granted its first licences for fiat-backed stablecoin issuers under its new regulatory framework, approving HSBC Hong Kong and Anchorpoint Financial on Friday.
Anchorpoint is a joint venture led by Standard Chartered, with Animoca Brands and Hong Kong Telecommunications among its partners. The Hong Kong Monetary Authority (HKMA) said it approved the two issuers after assessing 36 applications. The Stablecoins Ordinance took effect in August 2025, providing licensed firms a route to launch Hong Kong dollar-backed stablecoins for payments, trade and digital-asset services. HSBC has also worked with Metaco, a crypto custody provider owned by Ripple.
The HKMA described the first round as a limited initial review and has previously indicated only a small number of applicants would be approved. Financial Secretary Paul Chan said in February that authorisations would remain limited, with scrutiny centred on reserve quality, risk controls and anti-money-laundering standards.
HKMA Chief Executive Eddie Yue said issuers are expected to execute the business plans submitted to the regulator and to manage risks properly as they pursue growth. He added that regulated stablecoins should address frictions in financial activity and create value for individuals and businesses. The regulator did not provide a timeline for further approvals. Deputy Chief Executive Daryl Ho said future licences would remain "very limited".
The first approvals went to groups linked to Hong Kong's note-issuing banks. HSBC and Standard Chartered are two of the three banks authorised to print Hong Kong dollar banknotes. Under the long-standing arrangement, each note-issuing bank places U.S. dollars with the Exchange Fund and receives Certificates of Indebtedness before issuing Hong Kong dollar notes. The HKMA's stablecoin approach mirrors that bank-led tradition.
Yue drew a similar parallel in a 2023 blog post, describing historic private banknotes as a form of private money and arguing that stablecoins play a related role on blockchain networks. The stance aligns with the HKMA's broader policy direction, which has placed less emphasis on a retail central bank digital currency. An 11-group pilot concluded in October and found a weak case for retail use, while stablecoins have since taken a more prominent role in Hong Kong's digital-asset plans.
The new licences come with strict identity and compliance requirements. Under HKMA anti-money-laundering guidance, only verified wallets can receive licensed stablecoins, meaning users must complete identity checks before transfers. The travel rule applies to transfers above HK$8,000 (about $1,000). Issuers are expected to rely on tools such as smart-contract controls and wallet whitelists, a model that differs from freely transferable tokens such as USDT and USDC.
Both issuers are expected to launch in the second half of 2026, targeting cross-border payments, local payments and digital-asset trading. Anchorpoint said it will work with selected businesses as distributors to broaden public access. HSBC said its token will be available via PayMe and HSBC HK Mobile Banking, with potential services including peer-to-peer transfers, merchant payments and tokenised investments.
Hong Kong is now testing whether tightly regulated HKD stablecoins can generate demand in trade and finance, even as U.S. dollar-based tokens continue to dominate the market.
