Hong Kong's goal of establishing stablecoins is finally starting to materialize after years of building up to it. On April 10, 2026, Hong Kong announced its first issuers of stablecoin licenses; only two out of thirty-six applications for these licenses have been granted. The issuance of stablecoin licenses also represents a major step forward in developing a regulatory framework that supports innovation while ensuring adequate consumer protection.The fact that only two applications have been approved (HSBC and Anchorpoint Financial) out of thirty-six submitted for approval demonstrates how seriously the Hong Kong Monetary Authority (HKMA) takes its commitment to maintaining investor confidence through a measured but cautious approach.<h2>Who Got Licensed</h2>Anchorpoint Financial was established as a joint venture between Standard Chartered Bank (Hong Kong), Animoca Brands (a major Web3 gaming company), and Hong Kong Telecommunications (HKT). Although this is an unusual combination, it highlights the kind of seriousness and legitimacy that the regulators (the Hong Kong Monetary Authority) expected to see in institutions participating in the sandbox program. The three companies began exploring stablecoin technology in 2023 and formally applied to enter HKMA's sandbox program in 2024. HSBC attracted additional attention for a different reason. While both banks received licenses from the HKMA to participate in the sandbox program, HSBC focused on digital asset initiatives that do not include stablecoins (e.g. tokenized deposits). Yet, it was one of only two of the first 36 applicants awarded a license. The<a href="https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/04/20260410-4/" rel="noopener noreferrer" target="_blank"> </a>HKMA assigned licence numbers FRS01 and FRS02 to Anchorpoint Financial and HSBC, respectively, effective April 10, 2026.<h2>What They Plan to Issue</h2>In Hong Kong, regulators are approving two new licenses for two stablecoin issuers that will create Hong Kong dollar pegged stablecoins — one from Anchorpoint and one from HSBC — not USD, not algorithmic. Regulators are clear about their regulatory prohibition — specifically stating that<a href="https://www.sidley.com/en/insights/newsupdates/2025/08/hong-kong-implements-new-regulatory-framework-for-stablecoins" rel="noopener noreferrer" target="_blank"> </a>algorithmic stablecoin models will not be licensed; thus these stablecoins will be entirely fiat backed. Anchorpoint plans to issue its Hong Kong dollar pegged stablecoin HKDAP (HKD At Par) in Q2 2026, intended for use in settling tokenised real world assets and facilitating cross border payments. HSBC's stablecoin will be available for use by retail consumers via its PayMe App and HK Mobile Banking Offering. Anchorpoint intends to partner with selected businesses so they can distribute its stablecoin on behalf of their customers, providing direct access to Anchorpoint's Stablecoin through partner platforms. Here's a quick comparison of what each issuer is bringing:<table style="border:none;border-collapse:collapse" class="ql-table-better"><temporary class="ql-table-temporary" style="border:none;border-collapse:collapse" data-class="ql-table-better"> </temporary><colgroup><col width="150"><col width="163"><col width="312"></colgroup><tbody><tr><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="1"> </td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="1">HSBC</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="1">Anchorpoint Financial</td></tr><tr><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="2">License Number</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="2">FRS02</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="2">FRS01</td></tr><tr><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="3">Parent Backers</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="3">HSBC Group</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="3">Standard Chartered, Animoca Brands, HKT</td></tr><tr><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="4">Stablecoin Peg</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="4">HKD</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="4">HKD (HKDAP)</td></tr><tr><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="5">Distribution Method</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="5">PayMe + HSBC HK app</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="5">Partner businesses</td></tr><tr><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="6">Primary Use Case</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="6">Retail payments</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="6">Cross-border payments, tokenized asset settlement</td></tr><tr><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="7">Sandbox Participation</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="7">No</td><td style="vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word" data-row="7">Yes (since 2024)</td></tr></tbody></table> <h2>What the Rules Actually Require</h2>The Hong Kong Monetary Authority (HKMA) does not issue licenses for stablecoins easily. The<a href="https://www.morganlewis.com/pubs/2025/06/hong-kongs-stablecoins-ordinance-to-take-effect-august-1-an-overview-of-the-regulatory-framework" rel="noopener noreferrer" target="_blank"> </a>Stablecoin Ordinance requires stablecoin issuers to have at least HK$25 million in capital and to maintain liquid capital equivalent to 12 months of operating expenses. Additionally, stablecoin issuers must provide one-for-one redemptions at par within one business day and disclose the composition of the reserves backing their stablecoins on a timely basis and in a clear manner. Additionally, there is a compliance layer incorporated into the way these tokens can be transferred to and from different addresses. Only stablecoin transfers to verified (via identity verification) (by the governing assignor) addresses will be permissible. Lastly, stablecoin transfers greater than<a href="https://notabene.id/world/hong-kong" rel="noopener noreferrer" target="_blank"> </a>HK$8,000 (approximately US$1,000) will be subject to the travel rule (a provision of the Financial Action Task Force — FATF) and will be subject to both the sender and recipient addresses being checked to see if they are in the same jurisdiction as the jurisdiction of the stablecoin contract. In practice, this will mean that issuers of HKD Stablecoins are likely to embed compliance rules into their smart contracts in order to prevent stablecoin transfers to addresses that do not appear on an on-chain whitelist. The final point regarding compliance implications for stablecoins is significant as it provides for a structural difference between these types of stablecoins and freely transferable stablecoins. The ultimate question is whether the increased focus on compliance will restrict stablecoin adoption or increase adoption for institutional clients seeking to mitigate compliance risk.<h2>Why the Banks Went First</h2>The decision to license the city's note-issuing banks first appears deliberate. HSBC and Standard Chartered are<a href="https://en.wikipedia.org/wiki/Banknotes_of_the_Hong_Kong_dollar" rel="noopener noreferrer" target="_blank"> </a>two of only three commercial banks authorized to print Hong Kong dollar banknotes, a system that dates to 1846, when private banks began issuing currency backed by silver deposits in the absence of a colonial central bank. There's a logic to it. If you're building a regulated digital version of your own currency, you start with the institutions that already have the deepest relationship with that currency. The political and reputational risk of licensing a crypto-native startup first — and having something go wrong — was clearly not a risk the HKMA wanted to take.<h2>Nothing Goes Live Yet</h2>The approved issuers are not yet live. Before launching, they must complete system testing, operational setup, and compliance checks.<a href="https://www.coindesk.com/policy/2026/03/24/hong-kong-awards-first-stablecoin-licenses-to-hsbc-standard-chartered-led-group" rel="noopener noreferrer" target="_blank"> </a>Authorities expect the first regulated stablecoins to go live later this year, depending on readiness and final approvals. The HKMA has said it will continue engaging with other applicants but has not committed to a timeline for additional approvals. Future licensing decisions will depend on market conditions and early outcomes from the first issuers. So for now, 34 applicants are still waiting. The HKMA has signaled it wants to watch how HSBC and Anchorpoint perform before widening the field — which is either a careful, responsible approach to systemic risk, or a slow-moving bottleneck that hands incumbents a long head start. Probably a bit of both. What's certain is that Hong Kong has made its choice about what regulated stablecoins look like: bank-backed, identity-gated, HKD-pegged, and tightly controlled. Whether that model travels beyond the city's financial ecosystem — or stays confined to it — is the bet that both HSBC and Anchorpoint are now making with real money.

Hong Kong approved its first HKD stablecoin licenses to HSBC and Anchorpoint, favoring bank-backed, compliant models. Strict rules signal a cautious, institutional-first approach to digital money.

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