Hong Kong has granted its first stablecoin issuer licenses to HSBC and a Standard Chartered-led consortium, marking a regulatory milestone for digital assets in one of Asia’s largest financial hubs.
The Hong Kong Monetary Authority announced on 10 April 2026 that it issued stablecoin issuer licenses to two entities: Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited. The licenses took effect on 10 April 2026, with both licensees planning to complete preparation work and launch operations in the coming months.
The HKMA’s official register assigns Anchorpoint Financial licence number FRS01 and HSBC licence number FRS02. HKMA Chief Executive Eddie Yue called the granting of stablecoin issuer licenses “an important milestone for the development of digital assets in Hong Kong.”
“The granting of stablecoin issuer licences is an important milestone for the development of digital assets in Hong Kong.”
Eddie Yue, HKMA Chief Executive, via HKMA press release
Why HSBC and the Standard Chartered-Led Group Stand Out
HSBC, formally The Hongkong and Shanghai Banking Corporation Limited, is one of the world’s largest banking institutions. Its direct participation as a licensed stablecoin issuer signals that established financial players see regulated stablecoins as a core business opportunity, not a peripheral experiment.
Anchorpoint Financial Limited is a joint venture established by Standard Chartered Bank (Hong Kong) Limited, Animoca Brands, and telecommunications firm HKT. The consortium structure pairs traditional banking infrastructure with digital asset expertise, a combination that mirrors institutional interest seen across crypto staking and tokenization efforts.
The involvement of these names distinguishes Hong Kong’s first licensing round from sandbox-style experiments elsewhere. Where other jurisdictions have granted stablecoin approvals primarily to crypto-native startups, Hong Kong’s first batch centers on firms with deep balance sheets, existing regulatory relationships, and extensive payment networks across Asia.
36 Applicants, 2 Approvals
Hong Kong’s Stablecoins Ordinance took effect on 1 August 2025, creating a formal licensing regime for fiat-referenced stablecoin issuers. The framework requires reserve backing, a local presence, AML/CTF compliance, and redemption processing within one business day.
By 30 September 2025, the HKMA had received applications from 36 institutions, according to a LegCo policy paper. That paper noted the authority aimed to approve a limited first batch in early 2026, a timeline the 10 April grants broadly met.
The approval of just two out of 36 applicants underscores the HKMA’s selective approach. This mirrors how traditional finance has gradually engaged with crypto products in other markets, where regulators have favored a narrow initial cohort over broad access.
What the First Licenses Signal for Hong Kong’s Crypto Market
The licenses arrive as the global stablecoin sector has grown to a market capitalization exceeding $289 billion. Tether’s USDT alone accounts for roughly $184 billion of that total. Hong Kong-licensed issuers will enter a market dominated by offshore-issued tokens, potentially offering a regulated alternative for institutional users in Asia.
The development positions Hong Kong alongside Singapore, the EU, and the UAE in the race to create clear regulatory frameworks for stablecoins. Unlike the EU’s MiCA regime, which applies broadly across member states, Hong Kong’s ordinance is tailored to a single jurisdiction but one that serves as a gateway between mainland China and global capital markets.
Both licensees said they intend to complete preparation work before launching, meaning no Hong Kong-licensed stablecoin is available to the public yet. In a market where the Fear and Greed Index sits at 16, indicating extreme fear, a regulated stablecoin option from institutions like HSBC could provide a familiar on-ramp for cautious institutional capital.
The remaining 34 applicants still await decisions. Whether the HKMA issues additional licenses in 2026 will determine whether Hong Kong’s stablecoin market develops as a tightly controlled duopoly or a broader competitive landscape.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
