Hong Kong Issues First Stablecoin Licenses to HSBC and Anchorpoint

Hong Kong has issued its first stablecoin issuer licenses under a new regulatory framework overseen by the Hong Kong Monetary Authority. The regulator announced the initial approvals on Friday, marking the first licenses issued under its stablecoin regime. The two approved entities are Anchorpoint Financial and HSBC.

Anchorpoint Financial is a joint venture formed by Standard Chartered Bank in Hong Kong, Animoca Brands, and Hong Kong Telecommunications, focusing on digital asset infrastructure linked to regulated financial services. HSBC's Hong Kong entity, the Hongkong and Shanghai Banking Corporation Limited, is one of the city's three note-issuing banks and among its largest banking institutions.

The approvals indicate a cautious start to the licensing process, with regulators appearing to prioritize bank-linked and institution-backed issuers in the early phase. The announcement follows weeks of market speculation and a delay to earlier expectations. HKMA Chief Executive Eddie Yue said in February that a very small number of issuers would be licensed in March, a timeline not met before these first approvals.

Separately, EX.IO signed a memorandum of understanding with Payment Asia to explore stablecoin-related payments, custody, trading, and application use cases in Hong Kong. The aim is to support infrastructure for regulated issuers and promote real-world adoption once the framework is implemented.

Hong Kong's stablecoin regime took effect on August 1, 2025. It requires issuers of fiat-referenced stablecoins to obtain a license from the HKMA and includes requirements on reserve backing, redemption rights, governance standards, and anti-money laundering controls.