Hong Kong Issues First Stablecoin Licenses to HSBC and Standard Chartered Consortium

• First approvals: HKMA issued the initial batch of stablecoin licenses to HSBC and Anchorpoint Financial (Standard Chartered-led consortium with Animoca Brands).
• Regulatory milestone: Licenses granted under the Stablecoins Ordinance that took effect in August 2025; HKMA reviewed 36 applications.
• Strict safeguards: Stablecoins may only transfer to identity-verified wallets; travel rule applies to transfers above HK$8,000.
• Issuer focus: Prioritization of note-issuing banks to support regulated HKD stablecoins for regional trade and financial activities.
• Next steps: Licensed issuers expected to launch products while managing risks, following a technical briefing and media session.

Hong Kong has taken a decisive step toward becoming a regulated stablecoin hub, with the Hong Kong Monetary Authority awarding the city’s first batch of stablecoin licenses to two major banking groups.

The approvals, confirmed April 10, 2026, went to HSBC and Anchorpoint Financial, a consortium led by Standard Chartered that includes Animoca Brands, according to CoinDesk. The licenses fall under the Stablecoins Ordinance that became effective in August 2025, following assessment of 36 applications.

The HKMA deliberately prioritized note-issuing banks—HSBC and Standard Chartered are two of only three institutions authorized to print Hong Kong dollar banknotes—for the inaugural round. This reflects a strategy to anchor new regulated HKD stablecoins in established financial infrastructure while deprioritizing a retail central bank digital currency after an 11-group pilot.

Regulatory requirements are among the world’s strictest. Licensed stablecoins can only be transferred to wallets that have completed identity verification, and the travel rule will apply to any transfer exceeding HK$8,000. The framework aims to mitigate money-laundering risks while enabling use cases in cross-border trade settlement and broader digital asset activities.

HKMA Chief Executive Eddie Yue stated: “We look forward to the issuers launching business according to their plans, exploring growth opportunities while properly managing risks. We hope their promotion of regulated stablecoins will address pain points in financial and economic activities, create values for both individuals and businesses, and support the healthy development of digital assets in Hong Kong.”

The move comes after earlier expectations for March approvals were missed, as the authority required further refinement of application details. Industry observers view the licenses as a foundational step that could accelerate institutional adoption of compliant stablecoins in Asia, though success will depend on issuers’ ability to scale under the stringent compliance regime.

Disclaimer: This article is for informational purposes only and does not constitute advice of any kind. Readers should conduct their own research before making any decisions.

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