Hong Kong issues first stablecoin licences

Hong Kong has issued its first stablecoin licences, approving HSBC’s Hong Kong bank and Anchorpoint Financial on April 10. (hkma.gov.hk) The Hong Kong Monetary Authority said the licences took effect immediately under the Stablecoins Ordinance. Anchorpoint is a joint venture of Standard Chartered Bank Hong Kong, Hong Kong Telecommunications and Animoca Brands. (hkma.gov.hk) A stablecoin is a digital token designed to hold a fixed value against a currency such as the Hong Kong dollar. In Hong Kong, any issuer of a fiat-referenced stablecoin now needs a licence and must meet rules on reserves, redemption, governance and anti-money-laundering controls. (hkma.gov.hk) The law behind the regime was enacted on May 29, 2025, and the licensing system took effect on August 1, 2025. The ordinance gives the Monetary Authority powers to investigate breaches, suspend or revoke licences, and bring enforcement cases. (elegislation.gov.hk, info.gov.hk) Hong Kong’s regulator had signaled for months that only a small first batch would be approved. On April 1, the Monetary Authority said it was still advancing the process after missing an earlier March target mentioned by Chief Executive Eddie Yue in February. (cointelegraph.com, hkma.gov.hk) The first approvals tilt toward bank-backed issuers rather than crypto-native startups. Eddie Yue said the regulator wanted a “robust and sustainable” ecosystem and warned against “excessive market and public expectations” around stablecoins. (hkma.gov.hk) HSBC said it plans to launch a Hong Kong dollar stablecoin in the second half of 2026. The bank said each token will be fully backed by high-quality, liquid reserve assets held in segregated accounts and redeemable at par into Hong Kong dollars. (about.hsbc.com.hk) Hong Kong has pitched the regime as part of a broader push to build regulated digital-asset markets after the collapses and fraud cases that hit crypto in 2022 and 2023. The city already licenses virtual-asset trading platforms, and stablecoins add a regulated cash-like layer for trading, payments and tokenized assets. (hkma.gov.hk, hkma.gov.hk) For now, Hong Kong has moved from consultation papers to named licensees. The next test is whether HSBC and Anchorpoint can turn those approvals into products that people and institutions actually use. (hkma.gov.hk, about.hsbc.com.hk)