The Hong Kong Monetary Authority (HKMA) has granted its first stablecoin issuer licences to HSBC and a consortium led by Standard Chartered, marking a major step in the city's push to become a global digital asset hub. The approvals come eight months after Hong Kong's Stablecoin Ordinance took effect, with the regulator reviewing 36 applications but issuing only a limited number in the initial phase.
Licence Details and Plans
HSBC plans to launch a Hong Kong dollar-pegged stablecoin in the second half of 2026, integrating it into its Payme wallet and mobile banking platform. The second licence was awarded to Anchorpoint Financial, a consortium led by Standard Chartered that includes Animoca Brands and Hong Kong Telecoms. Both issuers can develop stablecoins tied to the Hong Kong dollar, with potential expansion into cross-border payments later. HKMA Deputy Chief Executive Darryl Chan stated that the selected applicants have “experience in traditional finance and risk management, which fits the mission of stablecoins that aim to bridge traditional finance and digital finance.”
Strict Regulatory Framework
Hong Kong's stablecoin rules require full backing by high-quality liquid assets such as cash, bank deposits, or short-term government securities. Issuers must maintain a minimum paid-up capital of $3.19 million (HK$25 million) and segregate reserve assets from their own balance sheets. The rules prohibit offering interest or yield on stablecoin holdings, and holders must be able to redeem tokens for fiat within one business day. These requirements boost user trust but limit yield potential.
Broader Implications for Hong Kong's Crypto Strategy
The stablecoin licences are part of a broader strategy to strengthen Hong Kong's role in global capital markets under the “one country, two systems” framework. While mainland China bans most crypto activity, Hong Kong is building a regulated gateway for digital finance. The SFC and FSTB have also published consultation results on crypto licensing frameworks and launched further reviews. With traditional banking giants entering the stablecoin space, Hong Kong is positioning itself as a credible and competitive digital asset hub, attracting international firms and enabling new channels for cross-border transactions.