Hong Kong has issued its first stablecoin issuer licenses under a new regulatory framework overseen by the Hong Kong Monetary Authority.

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The regulator announced the initial batch of approvals on Friday (today). It said this marks the first licenses issued under its stablecoin regime. Two entities were approved. They are Anchorpoint Financial and HSBC.

HSBC, Anchorpoint Get First Licenses

Anchorpoint Financial is a joint venture. It was formed by Standard Chartered Bank in Hong Kong, Animoca Brands, and Hong Kong Telecommunications. It focuses on digital asset infrastructure linked to regulated financial services.

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HSBC’s Hong Kong entity, the Hongkong and Shanghai Banking Corporation Limited, is one of the city’s three note-issuing banks. It is among the largest banking institutions in Hong Kong.

The approvals indicate a cautious start to the licensing process. Regulators appear to be prioritizing bank-linked and institution-backed issuers in the early phase of the regime.

The announcement follows weeks of market speculation over potential licensees. It also follows a delay to earlier expectations. HKMA Chief Executive Eddie Yue said in February that “a very small number of issuers would be licensed in March.” That timeline was not met before the first approvals were issued.

Stablecoin Infrastructure Expands in Hong Kong

Separately, EX.IO signed a memorandum of understanding with Payment Asia. The two companies said they will explore stablecoin -related payments, custody, trading, and application use cases in Hong Kong. They said the aim is to support infrastructure for regulated stablecoin issuers and promote real-world adoption once the framework is implemented.

Hong Kong’s stablecoin regime took effect on August 1, 2025. It requires issuers of fiat-referenced stablecoins to obtain a license from the Hong Kong Monetary Authority. The framework includes requirements on reserve backing, redemption rights, governance standards, and anti-money laundering controls.