HSBC Hong Kong, Ripple Partner, Wins HKMA Stablecoin Licence

Hong Kong has issued its first fiat-backed stablecoin licences under its new regulatory system. The approvals went to HSBC Hong Kong and Anchorpoint Financial on Friday. Anchorpoint is a joint venture led by Standard Chartered. It also includes Animoca Brands and Hong Kong Telecommunications. 

The Hong Kong Monetary Authority (HKMA) approved the two issuers after reviewing 36 applications. The Stablecoins Ordinance took effect in August 2025. The decision gives licensed firms a path to launch Hong Kong dollar-backed stablecoins for payments, trade, and digital asset services. HSBC has also worked with Metaco, a crypto custody firm owned by Ripple.

HKMA grants first licences under new stablecoin regime

The HKMA said the first licences were issued after a limited initial review. The authority had already signaled that only a small group would pass. Financial Secretary Paul Chan said in February that approvals would remain limited. 

He said the regulator would focus on reserve quality, risk controls, and anti-money-laundering standards. Friday’s approvals now mark the first batch under the city’s stablecoin law.

HKMA chief executive Eddie Yue said the authority expects issuers to follow their stated business plans. He also said firms must manage risks properly while seeking growth. Yue said regulated stablecoins should help solve pain points in financial activity. He added that they could create value for people and businesses. The regulator did not say when more licences may be granted. Deputy chief executive Daryl Ho said future approvals would remain “very limited.”

Bank-backed model shapes Hong Kong’s digital currency plan

The first approvals went to two groups tied to note-issuing banks in Hong Kong. HSBC and Standard Chartered are among the three banks allowed to print Hong Kong dollar notes. That arrangement has existed for many years in the city. Each note-issuing bank deposits U.S. dollars with the Exchange Fund. It then receives Certificates of Indebtedness before printing Hong Kong dollar banknotes. The stablecoin approvals follow that bank-led tradition.

Yue had drawn a similar comparison in a 2023 blog post. He wrote that old private banknotes were a form of private money. He said stablecoins serve a related role on blockchain networks. 

That view also fits the HKMA’s wider policy direction. The authority has placed less focus on a retail central bank digital currency. An 11-group pilot ended in October and found a weak retail case. Stablecoins have since taken a more visible place in Hong Kong’s digital asset plans.

Strict compliance rules will shape use and access

The new licences come with strict identity and compliance rules. Under HKMA anti-money-laundering guidance, only verified wallets can receive licensed stablecoins. That means users must pass identity checks before transfers can occur. The travel rule also applies to transfers above HK$8,000. 

This is roughly equal to about $1,000. In practice, issuers may use smart contract controls and wallet whitelists. That structure differs from freely transferable tokens such as USDT and USDC.

Both issuers are expected to launch stablecoins in the second half of 2026. The focus will include cross-border payments, local payments, and digital asset trading. Anchorpoint said it will work with selected businesses as distributors. Those partners will help the public gain access to its stablecoin. HSBC said its token will appear in PayMe and HSBC HK Mobile Banking. The bank said services may include peer-to-peer transfers, merchant payments, and tokenised investments. Hong Kong is now testing whether regulated HKD stablecoins can build demand in trade and finance, even as dollar-based tokens still dominate the market.