Hong Kong’s Monetary Authority announced on April 10 2026 that it had granted the first licences for fiat‑backed stablecoins to two issuers: HSBC and Anchorpoint Financial Limited, a joint venture between Standard Chartered, Hong Kong Telecommunications (HKT) and Animoca Brands. The licences allow the issuers to issue and manage Hong Kong dollar‑backed stablecoins under the new Stablecoins Ordinance, which came into effect on August 1 2025.
The ordinance requires licensed issuers to maintain full reserves, adhere to strict governance and risk‑management standards, and operate with transparency. Licences are effective immediately, and the issuers are expected to launch their services in the coming months. HSBC plans to roll out its Hong Kong dollar stablecoin through its PayMe service and mobile banking application in the latter half of 2026, while Anchorpoint intends to launch the HKD At Par (HKDAP) stablecoin from the second quarter of 2026.
HSBC shares edged higher on the day of the announcement, rising 0.51% to $90.73, reflecting investor confidence in the bank’s expanded digital‑asset capabilities and the broader regulatory momentum in Hong Kong’s fintech ecosystem.
The move marks a significant milestone for Hong Kong’s ambition to become a leading global hub for digital assets. By granting licences to well‑capitalised institutions, the HKMA signals a cautious yet supportive regulatory approach that balances innovation with robust user protection and risk management. The licences also position HSBC and Standard Chartered to capture a share of the growing stablecoin market, which is expected to expand as institutional demand for regulated digital currencies rises.
"The granting of stablecoin issuer licences is an important milestone for the development of digital assets in Hong Kong. The regulatory regime provides an orderly operating environment for stablecoin issuers to apply innovative technologies while ensuring robust user protection and effective risk management, which will foster the development of a healthy, responsible, and sustainable stablecoin ecosystem," said Eddie Yue, Chief Executive of the HKMA. "The stablecoin would not offer interest but would enable quicker settlement," added Maggie Ng, CEO of HSBC Hong Kong. Dominic Maffei, CEO of Anchorpoint, noted that the venture plans to launch a Hong Kong dollar stablecoin, HKD At Par (HKDAP), from the second quarter.
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