The Hong Kong Monetary Authority (HKMA) has issued Hong Kong's first stablecoin licences under the Stablecoins Ordinance, confirming approvals to HSBC (FRS02) and Anchorpoint Financial (FRS01), both effective 10 April 2026.
According to Reuters, both issuers have indicated they will complete preparatory work before launching operations in the coming months.
The licences come after a regulatory framework that took effect on 1 August 2025, 36 formal applications received by the end of September 2025, and months of anticipation following a missed March 2026 timeline. The documentation for implementing the regulatory regime for stablecoin issuers was released at the end of July 2025. At that time, the HKMA provided guidance on stablecoin licensing, emphasising capital, reserve, governance, and technology standards for issuers seeking to operate in Hong Kong's regulated digital asset market. Additionally, the guidance included rules on money laundering and transitional measures for issuers of existing stablecoins.
Financial Secretary Paul Chan had confirmed in February 2026 that the first batch would be deliberately limited, with the HKMA prioritising risk management, reserve quality, and AML and counter-terrorist financing controls in its selection.
HSBC and Anchorpoint: distinct models
HSBC intends to launch a Hong Kong dollar-denominated stablecoin in the second half of 2026, fully backed at all times by high-quality liquid assets held in segregated accounts. In its initial phase, the stablecoin will support peer-to-peer payments via the HSBC HK Mobile Banking App and PayMe, peer-to-merchant payments for participating merchants via PayMe, and tokenised investments via the HSBC HK App.
On the other hand, Anchorpoint Financial is a joint venture between Standard Chartered, Hong Kong Telecommunications, and Animoca Brands. The entity participated in the HKMA's Stablecoin Issuer Sandbox in 2024 and began exploring stablecoin issuance in early 2023. Standard Chartered is one of only three commercial banks authorised to issue Hong Kong dollar banknotes alongside HSBC.
Eddie Yue, Chief Executive of the HKMA, said the licences provide an orderly operating environment for stablecoin issuers, allowing the application of innovative technologies while ensuring user protection and effective risk management.
