HKMA Grants First-Ever Stablecoin Issuer Licences to HSBC and Anchorpoint Financial

The Hong Kong Monetary Authority (HKMA) issued its inaugural stablecoin issuer licences on 10 April 2026, granting regulatory authorisation to The Hongkong and Shanghai Banking Corporation Limited (HSBC) and Anchorpoint Financial Limited to issue Hong Kong dollar (HKD)-denominated payment stablecoins under the Stablecoins Ordinance (Cap. 656) [1]. The milestone marks Hong Kong as the first major international financial centre to extend formal stablecoin issuer status to traditional banking institutions, setting a precedent for regulated digital currency infrastructure in Asia [4].

The Stablecoins Ordinance Framework

The Stablecoins Ordinance (Cap. 656) took effect on 1 August 2025, establishing a dedicated licensing regime administered by the HKMA for entities seeking to issue fiat-referenced stablecoins in Hong Kong [3]. The ordinance mandates that non-bank licensees maintain a paid-up share capital of at least HK$25 million, hold segregated reserve asset pools with market values at or above the par value of circulating coins, and establish written custodial arrangements with qualified custodians [4]. These reserve and custody requirements transform stablecoins from a technology product category into a formally auditable payment and settlement instrument subject to ongoing supervisory oversight [4].

The HKMA received 36 applications under the regime before issuing the first two licences [4]. The authority assessed applications on a holistic basis and has disclosed that both successful applicants share banking backgrounds, a selection outcome that reflects the regulator's emphasis on institutional trust, compliance depth, and risk management capacity at the outset of the regime [4].

The Two Inaugural Licensees

HSBC secured its licence as a solo applicant, leveraging its position as one of Hong Kong's three note-issuing banks to demonstrate the reserve infrastructure and regulatory standing required under the ordinance [4]. The bank has confirmed plans to launch its HKD stablecoin in H2 2026, with integration into PayMe, its retail mobile payments application serving more than 3.3 million users, as well as the HSBC HK App [4]. Initial use cases are expected to span peer-to-peer transfers, point-of-sale merchant payments, and tokenised investment products accessible to retail customers and merchants [4].

Anchorpoint Financial Limited is structured as a consortium vehicle whose shareholders bring complementary capabilities to the licensing structure: Standard Chartered Bank (Hong Kong) Limited supplies banking compliance and reserve management expertise; HKT (Hong Kong's dominant telecommunications and payments operator) provides payment distribution infrastructure; and Animoca Brands contributes Web3 ecosystem connectivity [4]. Anchorpoint intends to issue its HKD stablecoin under the designation HKDAP (HKD At Par), with issuance targeted from Q2 2026 and a business-to-business-to-consumer model oriented toward institutional settlement and cross-border payments [4].

HKMA's Position on Future Licensing

The HKMA has updated its Register of Licensed Stablecoin Issuers to reflect both entities, including names, registered addresses, email contacts, and other required particulars [1]. The authority has made clear it will maintain a measured pace in future licensing decisions. Darryl Chan, HKMA Deputy Chief Executive, stated no timetable exists for additional licences, with future decisions dependent on the implementation outcomes of the inaugural issuers, market acceptance, and international regulatory trends [4]. Daryl Ho, also HKMA Deputy Chief Executive, characterised the authority's stance toward further issuance as "open but cautious" [3].

The HKMA has also cautioned the public to remain vigilant against fraudulent activity or scams purportedly linked to the licensees, advising users to verify stablecoin issuers through the official register and to acquire or use stablecoins only through regulated channels [1].

"The granting of stablecoin issuer licences is an important milestone for the development of digital assets in Hong Kong. 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." - Eddie Yue, Chief Executive, HKMA [1]

Market Context and Competitive Significance

The selection of two note-issuing bank-backed entities as the first licence holders carries structural significance beyond regulatory symbolism. HSBC and Standard Chartered - through Anchorpoint - together account for two of Hong Kong's three note-issuing banks, institutions whose reserve management and monetary credibility are already subject to rigorous HKMA oversight [4]. This institutional lineage provides a degree of systemic credibility that native crypto projects or technology firms would have faced greater difficulty demonstrating under the ordinance's reserve and custody requirements [4].

The global stablecoin market stood at approximately $318 billion in total capitalisation at the time of the announcement, with Tether (USDT) holding a 58 percent share and USDC accounting for 24 percent [4]. HKD-denominated stablecoins will enter a market dominated by USD-pegged instruments, and their success will depend substantially on integration density across exchanges, wallets, and merchant payment networks, as well as the ability to offer programmable settlement and cost advantages over existing faster payment systems [4]. Research published by the Federal Reserve Bank of Kansas City on the same day noted that stablecoin usage remains concentrated in trading and transfers, with payments representing approximately 0.7 percent of total stablecoin transactions [4].

Hong Kong-listed equities with stablecoin-related exposure moved sharply following the announcement: Guotai Junan International rose as much as 27.69 percent and Yunfeng Financial gained 8.74 percent on the day [4].

References

[1] HKMA Press Release - Granting of stablecoin issuer licences (10 April 2026): https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/04/20260410-4/

[2] Gadgets360 - HSBC and Standard Chartered-led Group Win First Stablecoin Issuer Licenses in Hong Kong (10 April 2026): https://www.gadgets360.com/cryptocurrency/news/hsbc-and-standard-chartered-led-group-win-first-stablecoin-issuer-licenses-in-hong-kong-5513753

[3] Lowenstein Sandler - Crypto Brief, April 16, 2026: https://www.lowenstein.com/news-insights/newsletters/crypto-brief-april-16-2026

[4] WuBlockchain - Hong Kong Grants Its First Stablecoin Licenses: Traditional Finance Over Web3 (10 April 2026): https://wublockchain.xyz/articles/hong-kong-first-stablecoin-licenses-traditional-finance-over-web3-1773