Hong Kong’s financial regulator, the Hong Kong Monetary Authority (HKMA), has confirmed that future stablecoin issuer licenses will be kept “very limited” after approving the city’s first two operators. The move is part of a cautious rollout under the Stablecoins Ordinance, which took effect in August 2025.
The first licenses were granted on April 10, 2026, to HSBC and Anchorpoint Financial, allowing them to prepare Hong Kong dollar-backed stablecoins for public launch. HSBC plans to launch its stablecoin in the second half of 2026, integrating it into its mobile banking app and the PayMe platform, which serves over 3.3 million users. Anchorpoint Financial is preparing a phased rollout of its HKDAP token starting in Q2 2026, linked to a joint venture involving Standard Chartered.
HKMA Chief Executive Eddie Yue stressed that the regulator will take a steady approach. Decisions on new approvals will depend on the real-world performance of the first two issuers, including their risk management, operational controls, and market response. Despite receiving 36 applications last year, only two were approved, highlighting the high bar set for entry.
The regulatory framework imposes strict requirements. Issuers must maintain at least HKD 25 million (about USD 3.2 million) in paid-up capital and hold 100% reserves in high-quality liquid assets such as bank deposits or short-term government securities. These reserves must be segregated and support redemption at par value, typically within one business day. Cross-border stablecoin services require clearance from foreign regulators. Additionally, identity verification is mandatory for transfers above HKD 8,000 (~USD 1,000), even for users without direct accounts with the issuer.
HKMA Deputy Chief Executive Daryl Chan noted that stablecoins remain a new financial instrument without a universal regulatory model. Hong Kong is coordinating with international bodies like the Financial Stability Board to refine its supervisory approach. The controlled rollout, while restrictive, is designed to limit systemic risks and establish benchmarks for future entrants, potentially strengthening Hong Kong’s role as a bridge between institutional finance and the digital asset ecosystem.
