Hong Kong's first stablecoin licences awarded to HSBC and Standard Chartered group
The Hong Kong Monetary Authority has granted the territory's first stablecoin issuer licences, with HSBC's local banking arm and a Standard Chartered-led consortium receiving approval alongside Anchorpoint Financial, according to announcements on Friday.
The approvals are the first batch issued under the Stablecoins Ordinance, one of the earliest dedicated stablecoin laws enacted anywhere in the world, which took effect in August 2025. The eight-month gap between the ordinance taking effect and the first licences being granted reflects the HKMA's phased approach to admitting issuers.
The involvement of two global systemically important banks in the first cohort is notable. HSBC and Standard Chartered both have substantial Hong Kong operations and existing relationships with the HKMA, giving them a credibility advantage over fintech-only applicants in navigating the new regime. Anchorpoint Financial's inclusion signals the authority is not restricting the framework to incumbent banks.
Stablecoins are the most-traded cash substitute in cryptocurrency markets and a critical piece of infrastructure for digital asset settlement. Regulated issuance in Hong Kong could attract institutional flows that have previously settled through offshore or unregulated venues.
