HSBC Hong Kong and Anchorpoint Win First HKMA Stablecoin Licences Under New Regime

Hong Kong has issued its first fiat-backed stablecoin licences under its new regulatory system, with approvals granted to HSBC Hong Kong and Anchorpoint Financial on Friday. Anchorpoint is a joint venture led by Standard Chartered and also includes Animoca Brands and Hong Kong Telecommunications.

The Hong Kong Monetary Authority (HKMA) approved the two issuers after reviewing 36 applications. The Stablecoins Ordinance took effect in August 2025. The licences provide a route for regulated firms to launch Hong Kong dollar-backed stablecoins for payments, trade and digital asset services. HSBC has also worked with Metaco, a crypto custody firm owned by Ripple.

First licences under the new stablecoin regime

HKMA said the first licences were issued after a limited initial review, consistent with prior signals that only a small group would be approved. Financial Secretary Paul Chan said in February that the regulator would keep approvals limited, focusing on reserve quality, risk controls and anti-money-laundering standards.

Bank-led model and Hong Kong dollar linkage

The first approvals were granted to two groups tied to note-issuing banks in Hong Kong. HSBC and Standard Chartered are among the three banks allowed to print Hong Kong dollar notes. Under the long-standing arrangement, each note-issuing bank deposits U.S. dollars with the Exchange Fund, receives Certificates of Indebtedness, and then prints Hong Kong dollar banknotes.

The stablecoin approvals follow that bank-led tradition. The article also notes that a 2023 blog post by Yue drew a comparison between private banknotes and private money, and said stablecoins can play a related role on blockchain networks. It adds that HKMA has placed less emphasis on a retail central bank digital currency, after an 11-group pilot ended in October and found a weak retail case, while stablecoins have gained a more prominent role in the city’s digital asset plans.

Compliance requirements and transfer limits

The licences come with strict identity and compliance rules. Under HKMA anti-money-laundering guidance, only verified wallets can receive licensed stablecoins, meaning users must complete identity checks before transfers can occur. The “travel rule” also applies to transfers above HK$8,000, which is described as roughly equivalent to about $1,000.

In practice, the article says issuers may use smart contract controls and wallet whitelists, which would differ from freely transferable tokens such as USDT and USDC.

Expected launch timeline and intended use

Both issuers are expected to launch stablecoins in the second half of 2026. The planned use cases include cross-border payments, local payments and digital asset trading.

Anchorpoint said it will work with selected businesses as distributors to help the public access its stablecoin. HSBC said its token will be available in PayMe and HSBC HK Mobile Banking, with services potentially including peer-to-peer transfers, merchant payments and tokenised investments.

The article also notes that Hong Kong is testing whether regulated HKD stablecoins can build demand in trade and finance, even as dollar-based tokens still dominate the market.