Hong Kong's Monetary Authority issued its first stablecoin issuer licences on 10 Apr under the Stablecoins Ordinance to The Hongkong and Shanghai Banking Corporation Limited (HSBC) and Anchorpoint Financial Limited, a joint venture involving Standard Chartered, Hong Kong Telecom and Animoca Brands.
Hong Kong Grants First Stablecoin Licences to HSBC, StanChart JV
10 April 2026 - 14:10 CEST
Picks end delay speculation
The Stablecoins Ordinance took effect on 1 Aug 2025, establishing a licensing regime for fiat-referenced stablecoin issuers. The HKMA received 36 applications in the first round, with these two selected as the initial approvals. Anchorpoint Financial blends traditional banking, telecom and Web3 expertise, while HSBC, a major note-issuing bank in the city, brings global scale and credibility.
The announcement of the licenses brought an end to speculation about a delay after government officials had said publicly that the first approvals would come in March.
Not rushing the process
"The HKMA would have wanted to ensure everything was thorough and not rushed. In the longer scheme of things a couple of weeks here and there doesn’t matter," said Musheer Ahmed, a former virtual assets regulator and founder of Finstep Asia in Hong Kong.
He said the selection of the two major banks as the inaugural licensees might be perceived as a conservative choice, but noted that both of the traditional finance giants are "deeply ingrained in the fabric of Hong Kong's financial world" in addition to having a good grasp of digital assets.
Seen as digital assets milestone
Both entities plan to complete necessary preparations and begin operations in the coming months, according to their submitted business plans. HSBC intends to issue a Hong Kong dollar stablecoin in the second half of 2026, fully backed by high-quality liquid reserves.
HKMA Chief Executive Eddie Yue described the approvals as an important milestone for digital assets in Hong Kong. The regulatory regime provides an orderly environment for issuers to deploy innovative technologies while ensuring robust user protection and effective risk management. This approach aims to foster a healthy, responsible and sustainable stablecoin ecosystem.
The HKMA maintains a public register of licensed stablecoin issuers on its website and urged the public to stay vigilant against scams and use only regulated channels when acquiring or using stablecoins.
