On April 10, 2026, the Hong Kong Monetary Authority (HKMA) issued the first stablecoin licences under the Stablecoins Ordinance to HSBC (FRS02) and Anchorpoint Financial (FRS01).
The HKMA has confirmed that both issuers are set to complete their preparatory work in the coming months before launching operations.
Regulatory Framework and Applications
A regulatory framework came into effect on August 1, 2025. By the end of September 2025, the HKMA had received 36 formal applications for stablecoin issuance. Documentation outlining the implementation of the regulatory regime was released at the end of July 2025. The guidance issued then emphasized capital, reserve, governance, and technology standards for issuers seeking to operate in Hong Kong’s regulated digital asset market. It also included rules on money laundering and transitional measures for existing stablecoin issuers.
Financial Secretary Paul Chan confirmed in February 2026 that the first batch of licences would be deliberately limited, with the HKMA prioritizing risk management, reserve quality, and AML/CTF controls.
Different Models
HSBC plans to launch a Hong Kong dollar-denominated stablecoin in the second half of 2026. The stablecoin will be fully backed by high-quality liquid assets held in segregated accounts at all times. In its initial phase, it will support peer-to-peer payments via the HSBC HK Mobile Banking App and PayMe, as well as peer-to-merchant payments for participating merchants through PayMe, and tokenized investments via the HSBC HK App.
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 early in 2023. It’s worth noting that one of its partners, Standard Chartered, is one of only three commercial banks authorized to issue Hong Kong dollar banknotes alongside HSBC.
Eddie Yue, Chief Executive of the HKMA, stated that these licences provide an orderly operating environment for stablecoin issuers, allowing the application of innovative technologies while ensuring user protection and effective risk management.
