HSBC and Standard Chartered-led group land Hong Kong’s first stablecoin licenses
The approvals by the Hong Kong Monetary Authority, the territory’s central bank, mark the first batch under the Stablecoins Ordinance, which took effect in August 2025.
What to know:
- Hong Kong granted its first two stablecoin issuer licenses to HSBC and Anchrpoint Financial, a Standard Chartered-led consortium that includes Animoca Brands.
- The HKMA assessed 36 applications and had signaled that the initial round would be limited.
- The decision to license the city’s note-issuing banks first appears to be deliberate.
- HSBC and Standard Chartered are two of only three commercial banks authorized to print Hong Kong dollar banknotes.
“We look forward to the issuers launching business according to their plans, exploring growth opportunities while properly managing risks,” HKMA chief executive Eddie Yue said in an announcement on Friday.
“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 HKMA assessed 36 applications and had signaled that the initial round would be limited. Financial Secretary Paul Chan said in his February budget address that only “a small number” would be approved, with the regulator prioritizing risk management, reserve quality, and anti-money-laundering controls.
The decision to license the city’s note-issuing banks first appears to be deliberate. HSBC and Standard Chartered are two of only three commercial banks authorized to print Hong Kong dollar banknotes, a system that dates to 1846, when private banks began issuing currency backed by silver deposits in the absence of a colonial central bank.
