HSBC, Anchorpoint win Hong Kong’s first stablecoin licenses

The Hong Kong Monetary Authority has granted the city’s first stablecoin issuer licences to HSBC and Anchorpoint Financial, a venture backed by Standard Chartered, Animoca Brands and a Hong Kong telecommunications firm. The regulator released the names of the approved applicants on Friday under a licensing regime that took effect Aug. 1, 2025.

Under the regime, stablecoin issuers must hold reserves that fully back their tokens and offer guaranteed redemption for users at a defined fiat value. Firms must meet governance requirements and anti‑money laundering controls. The law gives the HKMA powers to investigate suspected breaches and to impose fines, suspend operations or revoke licences for noncompliance.

HSBC is one of Hong Kong’s note‑issuing banks. Anchorpoint Financial is a joint venture bringing together Standard Chartered, Animoca Brands and a local telecommunications company. Both entities will carry out stablecoin activities under HKMA supervision.

The licensing process was delayed from the regulator’s initial timeline. In February Hong Kong Monetary Authority Chief Executive Eddie Yue had said a “very small number of issuers” would be licensed by March; that deadline passed without approvals. On April 1 the HKMA said it was actively working to finalise the first batch of applicants, and market observers had expected HSBC and Anchorpoint to be frontrunners.

Firms granted licences must demonstrate ongoing compliance with the HKMA’s governance standards, risk controls and AML procedures to retain authorization. The regime establishes requirements for reserve backing, redemption mechanisms and operational controls for entities issuing stablecoins in Hong Kong.