April 13, 2026
By Shubhii Verma
Hong Kong has officially given out its first licences to issue stablecoins, marking a big step in the city’s plan to become a global hub for regulated digital money.
The Hong Kong Monetary Authority (HKMA) announced on April 10 that it has approved HSBC and a joint venture led by Standard Chartered to launch stablecoins backed by the Hong Kong dollar. These approvals come under Hong Kong’s new stablecoin rules, which started in August 2025.
Stablecoins are cryptocurrencies designed to keep a fixed value, usually linked to traditional currencies like the US dollar or the Hong Kong dollar. Because of this stability, they are considered useful for payments, trade, and digital finance.
According to HKMA, both banks are expected to launch their stablecoins in the second half of this year. These stablecoins will be used for cross-border payments, local transactions, and digital asset trading.
Giving the first licences to two well-known traditional banks shows that Hong Kong wants to grow its digital asset sector carefully, without increasing risks like money laundering or financial instability. HKMA’s Deputy Chief Executive, Daryl Ho, said the authority is “open but cautious” about approving more licences, and the number of future approvals will be very limited. In total, HKMA received 36 stablecoin licence applications in 2025.
The Standard Chartered project will run through a joint venture called Anchorpoint Financial, created with Animoca Brands and Hong Kong Telecommunications. Anchorpoint said it will work with selected partners to distribute the stablecoin so the public can use it easily.
Meanwhile, HSBC said its stablecoin will be available directly through its popular mobile apps, PayMe and HSBC HK Mobile Banking. The bank plans to allow retail customers and merchants to use stablecoins for peer-to-peer payments, customer-to-merchant payments, and even tokenised investments.
This development is important because, in 2025, Chinese tech giants like Ant Group and JD.com had reportedly paused their stablecoin plans in Hong Kong after the government raised concerns about private companies issuing their own digital currencies.
By allowing trusted banks to issue stablecoins first, Hong Kong is showing a careful approach, encouraging innovation while keeping strong control over the financial system.
