TLDR
- HKMA approved HSBC and Anchorpoint as Hong Kong’s first stablecoin issuers.
- Future Hong Kong stablecoin licenses will be “very limited,” HKMA said.
- HSBC plans an HKD stablecoin launch in the second half of 2026.
- Anchorpoint plans to launch its HKDAP stablecoin from Q2 2026.
- Stablecoin issuers must hold 100% reserves in high-quality liquid assets.
Hong Kong financial regulator has said future stablecoin issuer licenses will be granted only in limited numbers after approving the city’s first two licensed operators under its new regulatory framework.
The Hong Kong Monetary Authority, or HKMA, issued the first stablecoin licenses to HSBC and Anchorpoint Financial after the Stablecoins Ordinance came into effect in August 2025. The first approval batch was granted on April 10, 2026, giving the two firms permission to prepare Hong Kong dollar stablecoin products for public launch.
HKMA Chief Executive Eddie Yue said on May 5 that the regulator would take a steady approach before approving more companies. He said future licensing decisions would depend on how the first two issuers manage operations, risk controls and market demand after their stablecoins go live.
The regulator received 36 applications last year, but officials said the number of approved issuers would remain small. The HKMA plans to compare actual market risks with earlier expectations before reviewing any new batch of applications.
Hong Kong’s HKMA Plans Limited Future Approvals
The HKMA said new stablecoin license applicants must meet strict operational and financial requirements. Issuers are required to maintain at least HKD 25 million, or about USD 3.2 million, in minimum paid-up capital.
Licensed stablecoins must be backed fully by high-quality liquid assets, such as bank deposits or short-term government securities. These reserve assets must be held in segregated accounts and must support redemption at par value.
The framework also requires clear redemption rights for stablecoin holders. Issuers are expected to process redemptions at face value, generally within one business day, subject to the rules set by the regulator.
HKMA Deputy Chief Executive Daryl Chan said licensees must complete system checks, risk management reviews and third-party verification before launching products. Firms must also show that they have suitable staffing levels, governance controls and technical systems for public use.
Cross-border stablecoin services will need approval from foreign regulators where relevant. The HKMA said this requirement is needed before any issuer can offer stablecoin use cases outside Hong Kong or across overseas payment networks.
HSBC and Anchorpoint Prepare Launches
HSBC plans to launch a Hong Kong dollar-denominated stablecoin in the second half of 2026. The bank expects to integrate the product into its Hong Kong mobile banking app and PayMe, its digital payments service.
PayMe serves more than 3.3 million users, giving HSBC an existing retail payment channel for the proposed stablecoin. The bank said the token will be backed by high-quality liquid assets kept separately from other funds.
Anchorpoint Financial is preparing a phased launch of its HKDAP stablecoin, short for HKD At Par, starting in the second quarter of 2026. The product will be made available through selected authorized distributors.
Anchorpoint is linked to a joint venture involving Standard Chartered. Its stablecoin project is expected to follow the same reserve, redemption and compliance standards set by the HKMA for licensed issuers.
Both HSBC and Anchorpoint must complete pre-launch checks before offering stablecoins to users. The HKMA will continue supervising their operations after launch, including reserve management, customer protection measures and compliance with licensing terms.
Compliance Rules Shape Stablecoin Market
Hong Kong’s stablecoin framework includes identity verification requirements for users. Stablecoin holders must undergo know-your-customer checks for transfers above HKD 8,000, equal to about USD 1,000, even when they do not hold accounts directly with the issuer.
Key executives and controllers of licensed stablecoin companies must pass the HKMA’s fit and proper assessment. The review covers management standards, corporate governance and the ability to operate within financial rules.
The HKMA said Hong Kong cannot directly copy a single international model because regulated stablecoins remain a developing asset class. Yue said the authority would continue exchanging experience with the Financial Stability Board and other global bodies as supervision develops.
The city’s cautious licensing approach places emphasis on reserve quality, redemption rights and operational readiness. With only HSBC and Anchorpoint approved so far, Hong Kong’s next stablecoin license decisions will depend on how the first products perform after launch.
