HSBC and Anchorpoint Financial gain first Hong Kong stablecoin issuer licenses

The Hong Kong Monetary Authority has issued the region's first stablecoin licenses to HSBC and Anchorpoint Financial, a joint venture between Standard Chartered, Animoca Brands, and Hong Kong Telecommunications, the regulator confirmed on Friday.

Hong Kong had been expected to issue its first stablecoin licenses in Q1, with HSBC and Standard Chartered previously reported to be among the first recipients.

However, that deadline was missed, with the HKMA pushing applicants to refine application details regarding reserve asset disclosures, anti-money laundering controls, redemption mechanisms, and how they would perform under extreme stress scenarios, before granting approvals.

Ultimately, the inaugural recipients did not have to wait long, as The Hongkong and Shanghai Banking Corporation Limited and Anchorpoint Financial Limited were listed as licensed stablecoin issuers on the HKMA's Register of Licensees under the Stablecoins Ordinance, effective April 10.

"The granting of stablecoin issuer licences is an important milestone for the development of digital assets in Hong Kong," Eddie Yue, Chief Executive of the HKMA, said in a press release. "The regulatory regime provides an orderly operating environment for stablecoin issuers to apply innovative technologies while ensuring robust user protection and effective risk management, which will foster the development of a healthy, responsible, and sustainable stablecoin ecosystem." 

"We look forward to the issuers launching business according to their plans, exploring growth opportunities while properly managing risks," Yue added. "We hope their promotion of regulated stablecoins will address pain points in financial and economic activities, create values for both individuals and businesses, and support the healthy development of digital assets in Hong Kong."

The companies intend to complete the necessary preparation work and launch business in the coming few months, according to the release.

"Receiving this license is a landmark moment not only for our joint venture Anchorpoint but also for Hong Kong's ambition to lead the world in regulated digital finance," Evan Auyang, group president of Animoca Brands, told The Block. "From the outset, our conviction was clear: a properly governed HKD-backed stablecoin is essential to Hong Kong's financial infrastructure."

"The issuance of HKDAP by Anchorpoint provides a powerful regulated medium of exchange that will further the rewiring of our financial markets and help promote the next generation of international trade," Standard Chartered Group Chief Executive Bill Winters said in a separate statement.

The Block also reached out to HSBC and HKT for comment.

Multiple stablecoin license applications

Stablecoins have evolved from niche crypto trading pairs into tools for payments, clearing, and onchain settlements, Tim Sun, senior researcher at Hashkey Capital, told The Block. "By licensing them now, Hong Kong is shoring up its competitive edge as a top-tier financial hub," he said.

In February, the HKMA said it had received 36 applications under the framework, which took effect in August 2025 and requires any firm issuing stablecoins in Hong Kong to first obtain a license. Both HSBC and Standard Chartered are among the city's note-issuing banks — a group that the HKMA said it would prioritize when granting stablecoin licenses.

"The first names on the list (mostly big banks and major financial institutions) aren't a surprise. The HKMA was clear from the jump: initial spots would be tight," Sun said. "They are prioritizing firms with deep pockets for reserves, ironclad AML protocols, and established distribution networks. It's about building a solid floor before trying to build the ceiling."

Nevertheless, last month, Caixin reported that a second wave of applicants is already in motion, with firms such as Futu Securities and OSL Group — the first officially licensed Hong Kong crypto exchange — seen as strong contenders for later rounds.

The stablecoin licensing regime is part of Hong Kong's broader effort to establish itself as a global crypto hub. Since announcing its crypto strategy in 2022, the government has introduced a licensing system for crypto exchanges and established rules governing stablecoins.

Hong Kong has been testing the regulatory framework through a stablecoin sandbox launched in 2024, allowing potential issuers to experiment with token designs under regulatory supervision.

Updated with additional comments throughout.