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>>HSBC Hong Kong, Ripple’s partner, and Anchorpoint secure the inaugural HKMA stablecoin licenses.

HSBC Hong Kong, Ripple’s partner, and Anchorpoint secure the inaugural HKMA stablecoin licenses.

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about 11 hours ago

First Licences Issued

HKMA issued its first fiat‑backed stablecoin licences to HSBC Hong Kong and Anchorpoint Financial, a joint venture led by Standard Chartered, Animoca Brands and HK Telecom. The approvals came after reviewing 36 applications under the Stablecoins Ordinance, which took effect in August 2025. Licensed firms can now issue Hong Kong‑dollar stablecoins for payments, trade and digital‑asset services.

Regulatory Focus and Limits

The regulator emphasized reserve quality, risk controls and anti‑money‑laundering standards, keeping approvals deliberately limited. Financial Secretary Paul Chan and Deputy Chief Executive Daryl Ho said future licences will remain “very limited.” Issuers must follow their stated business plans and manage risks as they grow.

Bank‑Backed Model and Policy Shift

Both winners are tied to Hong Kong’s note‑issuing banks, a system where banks deposit US dollars with the Exchange Fund and receive certificates before printing HKD notes. The HKMA likens stablecoins to historic private banknotes, positioning them as blockchain equivalents while shifting focus away from a retail CBDC after a weak pilot.

Compliance Rules and Launch Plans

New licences impose strict identity checks; only verified wallets can receive the tokens and transfers above HK$8,000 must satisfy the travel rule. HSBC plans to embed its token in PayMe and its mobile banking app for peer‑to‑peer, merchant and tokenised investment use. Anchorpoint will distribute its stablecoin through selected business partners, with both issuers targeting a launch in the second half of 2026.