On April 10, 2026, the Hong Kong Monetary Authority (HKMA) granted the city’s first stablecoin issuer licences, naming HSBC and Standard Chartered’s joint venture as the inaugural two. A stablecoin is a digital token designed to hold a steady value by being pegged to a reference currency — in this case, the Hong Kong dollar. For readers with banking, property, or business interests in Hong Kong, the licences mark the point at which bank-backed digital currency moves from proposal to regulated reality.
First Licences Granted Under Hong Kong’s Stablecoins Ordinance
According to the Hong Kong Government Information Services (GIS) press release, the recipients were HSBC and Standard Chartered, the latter through its joint-venture vehicle Anchorpoint Financial Limited — a venture led by Standard Chartered with HKT and Animoca Brands. Both licensees appear on the HKMA’s public Register of Licensed Stablecoin Issuers, registered as FRS01 (Anchorpoint) and FRS02 (HSBC).
The licences were issued under the Stablecoins Ordinance, which passed the Hong Kong Legislative Council in May 2025, with the regulatory regime taking effect on August 1, 2025. The HKMA received 36 applications and approved only two, an approval rate of approximately 5.6% confirmed by the HKMA, Reuters, Bloomberg, and Elliptic. Both approved institutions are among only three note-issuing banks in Hong Kong, and the HKMA appears to have prioritised note-issuers for the inaugural round as a trust signal. The regulator has stated, via Fintech Futures, that the overall number of future licences will remain “very limited.”
HSBC Targets PayMe Users While Anchorpoint Focuses on Institutions
Both HSBC and Anchorpoint Financial have confirmed plans for HKD-denominated stablecoins, but they are approaching different segments of the market first.
Retail payments through PayMe and the HSBC HK App
HSBC plans to integrate its stablecoin with its existing PayMe platform and the HSBC HK App, targeting a launch in the second half of 2026, according to an HSBC official release and SCMP. The bank’s release names three use cases: peer-to-peer (P2P) payments, person-to-merchant (P2M) payments, and tokenised investment subscriptions. HSBC serves over 7 million retail customers in Hong Kong, and PayMe currently has 3.3 million active users. In practice, this means everyday users may eventually send and receive stablecoin payments as easily as a standard PayMe transfer, while merchants may see faster settlements and lower transaction costs.
Anchorpoint’s phased institutional rollout from Q2 2026
Standard Chartered’s Anchorpoint Financial is taking a different path, targeting institutional clients first. According to Stablecoin Insider, Anchorpoint’s launch is a phased start beginning in Q2 2026 with institutional users. The first wave of adoption is therefore oriented toward large-scale settlements, tokenised asset trading, and cross-border corporate payments. For overseas investors, tokenised investment subscriptions through regulated stablecoins may enable faster cross-border settlements and could open pathways toward fractional property ownership, though the specific terms for such products are not yet confirmed.
The Travel Rule, HKD-Only Scope, and Beijing’s Reservations
A key compliance requirement is already confirmed: the “Travel Rule” applies to stablecoin transfers above HK$8,000, meaning senders and recipients may need to share identity information for larger transactions.
The licences issued are for HKD-denominated stablecoins. There is no official confirmation that USD-denominated stablecoins such as USDC or USDT are currently eligible for licensing under the Stablecoins Ordinance, which is HKD-referenced in its current form.
On the geopolitical side, CNBC has confirmed that Beijing raised reservations about Hong Kong’s stablecoin plans. This is a known factor, but the exact impact on future policy is not detailed in the available evidence.
Zagdim Analysis
- For Hong Kong businesses: the 5.6% approval rate signals a deliberately high barrier to entry, so most firms will likely partner with a licensed issuer such as HSBC or Standard Chartered rather than seek their own licence.
- For overseas investors: the institutional-first rollout suggests tokenised settlement and asset products will mature before retail-facing options, so near-term opportunities sit mainly in cross-border and corporate use.
- For expats and residents: the PayMe integration is the most tangible benefit on the horizon, so it is worth preparing for the Travel Rule to apply to many higher-value transactions.
- On future USD-stablecoin eligibility: USD-referenced tokens such as USDC or USDT may become eligible under a later expansion, but this is an inference rather than confirmed policy, so the specific currency scope of any licence should be verified directly with the HKMA or a licensed adviser.
The HKMA has now taken its first concrete step in regulating stablecoins, with HSBC pointed at retail use through PayMe and Anchorpoint pointed at institutions. The immediate scope is HKD-denominated, the entry gate is narrow, and the regulator has signalled that few further licences will follow. If you hold banking, property, or business interests in Hong Kong, the practical question is less whether stablecoins are coming and more how the Travel Rule and HKD-only scope will shape your own transactions. Have questions about how this affects your situation? We’ll help you clarify the direction and what to look at next — start here.
This article is based on officially verified sources current as of June 4, 2026. Requirements and regulations change frequently. Always confirm your specific situation with a licensed financial adviser or the HKMA directly.
