Hong Kong has named the first winners under its new stablecoin regime. The Hong Kong Monetary Authority granted licenses to HSBC and Anchorpoint Financial under the Stablecoins Ordinance, with the opening phase focused on HKD-backed stablecoins. Based on current plans, the first products may go live in mid to late 2026, though both firms still need to complete testing, staffing, and control systems before launch.
Two approvals emerged from 36 first-round applications
The HKMA said it reviewed 36 first-round applications submitted before the September 30, 2025 deadline and selected two firms that demonstrated strong risk controls, clear business plans, and practical payment use cases. The outcome points to a controlled rollout. Rather than opening the market to a wide field of issuers at once, Hong Kong is starting with institutions that sit closer to the traditional financial system and already have established compliance structures.
The regulator also framed the licensing process as part of a longer policy buildout, not a sudden policy turn. According to the HKMA, the framework was shaped through public consultation, legal work, sandbox testing, and follow-up supervision. The stated balance is direct: encourage digital money innovation while keeping financial stability, anti-money laundering safeguards, and user protection in place.
Use cases extend beyond crypto trading
The first batch is aimed at more than exchange activity. The HKMA said both issuers intend to use their stablecoins for cross-border payments, local payments, tokenised asset trading, conditional payments, and supply chain finance. That places the first issuance round inside a wider payments and settlement agenda instead of limiting it to crypto market infrastructure.
Both issuers have also been involved in HKMA work related to central bank digital currencies and tokenised deposits, linking the new licenses to the city’s broader digital finance plans. Anchorpoint said it plans to issue an HKD-backed token called HKDAP and distribute it through selected business partners. Reuters separately reported that HSBC plans to make its stablecoins available through PayMe and HSBC HK Mobile Banking.
Policy signal matters more than price response for now
Early market reaction has centered on regulation rather than token performance. The source material notes that there has been no major token price move tied to the announcement so far. Reuters described the approvals as a major step in Hong Kong’s push to build regulated digital currencies for finance and trade.
HKMA officials also said more approvals could come later, but the total number will remain very limited. That makes the direction clear. Hong Kong is taking a cautious path and is not opening the door to a large group of issuers in one move. Reuters had previously reported that Ant Group and JD.com paused Hong Kong stablecoin plans after official concern over private-sector currencies. Seen against that backdrop, the first approvals going to HSBC and a Standard Chartered-linked venture send a clear message about trust, control, and market order.
Hong Kong has now moved from policy design to licensed issuance. The next test is whether these issuers can convert regulatory approval into actual usage across payments, trade finance, and tokenised markets.