Hong Kong has issued its first stablecoin licenses, approving Anchorpoint Financial and HSBC under a new framework led by the Hong Kong Monetary Authority. The move marks the formal start of regulated stablecoin issuance in the city’s digital asset sector.
The Hong Kong Monetary Authority confirmed the approvals on Friday. These are the first stablecoin licenses granted under the regime. The rollout follows earlier guidance that only a limited number of issuers would be approved at the start.
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Anchorpoint and HSBC Win First Stablecoin Licenses
Anchorpoint Financial is a joint venture and comprises Standard Chartered (Hong Kong), Animoca Brands, and Hong Kong Telecommunications. The license holder for the HSBC stablecoin is HSBC, which is one of the note issuing banks in Hong Kong.
The initial approvals reflect a cautious approach by regulators. Firms with strong institutional backing were selected. This suggests that early stablecoin licenses are being issued to entities with established financial structures.
This announcement comes amid a shift in schedule. Eddie Yue, chief executive officer of HKMA, announced in February that the licenses will be approved in March. However, the regulator eventually confirmed the licenses despite failing to meet the deadline.
The HKMA’s fiat-referenced stablecoin regime launched on August 1, 2025. It obliges any issuer of fiat-referenced coins to acquire approval. The regulatory framework covers such aspects as reserves, redemption mechanisms, governance, and anti-money laundering policies.
The framework further confers HKMA the powers of enforcement. They can investigate breaches and impose penalties. Fines, suspensions, and license revocations.
HKMA Sets Guardrails as Licensed Issuers Prepare Launch
According to Eddie Yue, the regime provides an opportunity to regulate issuers. The issuers have a chance to conduct their business within set boundaries. Further, he pointed out that there are measures to ensure safety and risk management.
The licensed institutions are likely to start their operations soon. According to HKMA, they intend to launch such projects in the coming months. No definite schedule was released.
According to Bill Winters, the CEO of Standard Chartered, stablecoins can facilitate digital trade settlement. In his view, it should be viewed through the prism of cross-border transactions and tokenized deposits.
The global stablecoin market has an estimated capitalization of around $310 billion. A vast majority of coins are dollar-based stablecoins. Other currencies have very little representation in the market.
CoinGecko data shows that dollar-based tokens have a dominant position in top-100 stablecoins. Neither euro- nor yen-based stablecoins belong to the biggest tokens.
Hong Kong is aiming to introduce alternatives. It plans to support regulated, bank-issued Hong Kong dollar tokens. These assets would operate under the same framework as traditional financial institutions.
Also Read: Hong Kong’s Stablecoin Rollout Faces Delays as Top Banks Gear Up for First Licenses
