HKMA awards its first two stablecoin issuer licenses under the Stablecoins Ordinance, selecting HSBC and Standard Chartered-backed Anchorpoint from 36 applicants.
The Hong Kong Monetary Authority (HKMA) granted its first two stablecoin issuer licenses on April 10, selecting HSBC and Anchorpoint Financial from a pool of 36 applicants under the Stablecoins Ordinance.
The HKMA announced on April 10 that it has granted stablecoin issuer licenses to HSBC and Anchorpoint Financial. Both plan to issue Hong Kong Dollar (HKD)-referenced stablecoins, with issuance expected around mid-to-late 2026 after completing preparatory steps.
Anchorpoint Financial is a joint venture between Standard Chartered Bank (Hong Kong), Animoca Brands, and Hong Kong Telecommunications (HKT). Its product, HKDAP (HKD At Par), will use a business-to-business-to-consumer (B2B2C) distribution model through authorized partners. HSBC will issue its own HKD-backed stablecoin through its existing banking infrastructure.
The two were chosen from 36 applications, with HKMA Chief Executive Eddie Yue stating both demonstrated capabilities to properly manage risks with credible use cases and development plans.
Hong Kong now operates one of the most stringent stablecoin frameworks globally. The Stablecoins Ordinance, which took effect in August 2025, mandates 100% backing with High Quality Liquid Assets (HQLA) and requires all wallet holders to complete identity verification before receiving licensed stablecoins. Transfers above HK$8,000 (roughly $1,000) trigger travel rule compliance.
The decision signals that Hong Kong is positioning itself as a regulated hub for digital assets in Asia. By licensing major banks rather than crypto-native startups, the HKMA is bridging traditional finance and blockchain infrastructure directly.
Both licensees must complete preparatory steps before stablecoin issuance begins. Anchorpoint targets a phased launch starting Q2 2026. The remaining 34 applicants may receive decisions in the coming months, which could bring additional competition to Hong Kong's regulated stablecoin market. Watch for how this framework influences other Asian regulators, particularly Singapore and Japan, as they refine their own stablecoin rules.
This is a developing story. Hong Kong's first stablecoin licenses mark a significant step in Asia's digital asset regulation, setting a precedent for bank-led stablecoin issuance under strict regulatory oversight.
Disclaimer: News content is for informational purposes only and should not be considered financial advice. Market conditions can change rapidly. Always conduct your own research.
