The Hong Kong Monetary Authority (HKMA) granted stablecoin issuer licenses to two entities: HSBC and Anchorpoint Financial, marking the first regulatory approvals under Hong Kong's new stablecoin regime.[1][5] Anchorpoint, a joint venture established by Standard Chartered Bank (Hong Kong), Hong Kong Telecom (HKT), and Animoca Brands, received approval alongside HSBC's Hong Kong banking arm.[1][5] Both entities plan to issue Hong Kong Dollar-backed stablecoins in the second half of 2026, with Anchorpoint targeting launch of its HKDAP (HKD At Par) token from the second quarter onward.[1][4]
Key Players and Regulatory Framework
The licensing occurred under the Stablecoins Ordinance, which took effect on August 1, 2025.[1] The HKMA selected these two institutions from 36 applicants representing the first batch of submissions received by the September 30 deadline, with 77 firms originally expressing interest.[3] Both approved issuers are established financial institutions—Standard Chartered and HSBC are Hong Kong's note-issuing banks—a factor that favored their selection given strict anti-money-laundering requirements mandating holder verification at this initial stage.[3] HKMA Chief Executive Eddie Yue emphasized the regime aims to balance innovation with risk management and user protection.[5]
Timeline and Context
Standard Chartered, HKT, and Animoca Brands began exploring stablecoins in early 2023 and participated in the HKMA's Stablecoin Issuer Sandbox in 2024 before formally establishing Anchorpoint in February 2025.[1][4] The licensing announcement came eight months after the Stablecoins Ordinance's implementation and reflects Hong Kong's broader strategy to position itself as a global digital asset hub.[5] The HKMA indicated that additional licenses may be granted in the future but will remain "very limited," adopting a deliberately cautious approach.[3]
Newsworthiness
This milestone represents Hong Kong's formal entry into regulated stablecoin issuance, transitioning from regulatory framework to operational deployment.[5] The bank-led initial approval signals institutional credibility but also raises questions about future access for crypto-native firms, as stringent compliance requirements and limited license availability may constrain innovation in the early stages.[6] For Hong Kong's competitive positioning in digital assets and international finance, the launch of regulated HKD stablecoins addresses settlement inefficiencies and cross-border payment challenges.[4]