Hong Kong’s monetary authority, the Hong Kong Monetary Authority (HKMA), has issued its first stablecoin issuance licenses.
Licenses went to HSBC (through its Hong Kong banking arm) and Anchorpoint Financial, a joint venture of Standard Chartered, Animoca Brands, and Hong Kong Telecommunications.
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These are the first approvals under the new stablecoin regulatory regime that took effect in August 2025. HKMA emphasized that priority for licenses went to note-issuing banks, which include HSBC and Standard Chartered.
New Regime Requirements
Licensed issuers must comply with strict rules, including:
- Asset reserves
- Redemption mechanisms
- Risk management
- Anti-money laundering
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HKMA will oversee compliance with these requirements, including the ability to conduct investigations and apply sanctions.
Anchorpoint Financial and HSBC plan to launch their stablecoins in the coming months after completing preparatory work.
Strategic Significance for Hong Kong
The issuance of the first licenses marks an important step in Hong Kong’s strategy to become a global digital asset hub. The regulator expects regulated stablecoins to help address financial and economic activity challenges, improve convenience for businesses and individuals, and contribute to the sustainable development of the digital asset market.
HKMA previously received 36 license applications. A second round of approvals is expected soon. Potential applicants include Futu Securities and OSL Group.
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