Hong Kong grants first stablecoin licenses to Anchorpoint and HSBC
The Hong Kong Monetary Authority has granted stablecoin issuer licenses to Anchorpoint Financial Limited and The Hong Kong and Shanghai Banking Corporation Limited (HSBC). This marks a new phase in the implementation of Hong Kong's stablecoin regulatory regime.
Rigorous selection from 36 applicants
The HKMA received 36 applications by the September 30, 2025, deadline for the first batch of stablecoin issuer licenses.
Over six months, the licensing team conducted a thorough review, engaging with applicants to ensure a rigorous and fair process.
The Authority maintained high standards, focusing on applicants' capabilities in risk management and their commitment to Hong Kong's regulatory framework, alongside their ability to propose distinct use cases with viable business plans.
From this competitive pool, Anchorpoint Financial Limited and HSBC were granted licenses.
Both entities demonstrated robust risk management capabilities and credible development plans, meeting all specific requirements under the Stablecoin Ordinance.
This meticulous assessment underscores the HKMA's commitment to a robust, risk-based framework aligned with international standards, ensuring financial stability and investor protection.
Pioneering HKD-referenced digital payments
The licensed issuers will initially focus on Hong Kong Dollar (HKD)-referenced stablecoins.
Their strong banking backgrounds and experience in HKMA's CBDC and tokenised deposit pilot projects position them to explore new payment possibilities.
One issuer, a joint venture, combines local telecommunications, payments, and digital asset expertise, creating synergy.
As operations mature, both plan to expand regulated stablecoin adoption through ecosystem collaborations, broader use cases, and potential overseas market entry.
Mandatory risk management measures cover fiat reserve asset safekeeping, price stabilization, redemption, technology risk, and stringent anti-money laundering controls, including blockchain analytics and identity verification.
Prudent start, high bar for growth
The HKMA's cautious approach to future licenses, emphasizing user protection and market capacity, suggests a controlled, high-quality ecosystem.
While the initial two licenses are a significant step, the very limited number signals a deliberate strategy to prioritize stability over rapid expansion.
This measured rollout aims to build confidence and gather insights before any broader market liberalization, ensuring Hong Kong's digital hub ambitions are built on solid, secure foundations.