Key Takeaways
- HKMA granted 2 licences to HSBC and a Standard Chartered-led group, advancing Hong Kong crypto plans.
- New rules require $3 million (HK$25 million) capital and 1-day redemption, boosting trust but limiting yields.
- HSBC plans HKD stablecoin in H2 2026, targeting payments and cross-border finance growth.
New Stablecoin Licences Advance Crypto Push for Hong Kong
Hong Kong has granted its first stablecoin issuer licences to HSBC and a consortium led by Standard Chartered. This marks a key milestone in the city’s push to establish itself as a global center for digital assets.
The approvals, announced by the Hong Kong Monetary Authority (HKMA), come eight months after the city’s Stablecoin Ordinance took effect. The regulator said it reviewed 36 applications but opted to issue only a limited number of licences in the initial phase.
HSBC plans to launch a Hong Kong dollar-pegged stablecoin in the second half of the year. The token will be integrated into its Payme wallet and mobile banking platform, signaling a direct link between traditional banking services and digital assets.
The second licence was awarded to Anchorpoint Financial, a consortium led by Standard Chartered that includes Animoca Brands and Hong Kong Telecoms. Both issuers can develop stablecoins tied to the Hong Kong dollar, with the possibility of cross-border payments at a later stage.
HKMA Deputy Chief Executive Darryl Chan said the selected applicants aligned with the regulator’s goal of bridging digital and traditional markets.
He stated:
“The two applicants have experience in traditional finance and risk management, which fits the mission of stablecoins that aim to bridge traditional finance and digital finance.”
Hong Kong’s Strict Stablecoin Rules
Hong Kong’s framework imposes strict requirements on stablecoin issuers. Tokens must be fully backed by high-quality liquid assets such as cash, bank deposits, or short-term government securities. Issuers need to maintain a minimum paid-up capital of $3.19 million (HK$25 million) and segregate reserve assets from their own balance sheets through legal structures designed to protect users.
The rules also prohibit issuers from offering interest or yield on stablecoin holdings. Holders must be able to redeem tokens for fiat within one business day, barring exceptional circumstances approved by the regulator.
The rollout highlights Hong Kong’s distinct approach to digital assets under the “one country, two systems” framework. While mainland China continues to ban most crypto activity, Hong Kong is positioning itself as a regulated gateway for digital finance.
The stablecoin regime is part of a broader strategy to strengthen the city’s role in global capital markets. By offering regulated digital payment tools, authorities aim to attract international firms and provide new channels for cross-border transactions.
