The Hong Kong Monetary Authority (HKMA) formally announced the approvals on Friday, 10 April 2026, selecting three entities from a pool of 36 applicants under the city's Stablecoins Ordinance. The global stablecoin market remains overwhelmingly USD-denominated, with dollar-backed tokens accounting for roughly 99 percent of volume. The new HKD-pegged licences represent an early step toward building regulated non-dollar liquidity at scale.

The licences go to HSBC Holdings, Anchorpoint Financial Limited (a joint venture among Standard Chartered Bank Hong Kong, Animoca Brands, and Hong Kong Telecommunications), and OSL, a locally regulated crypto exchange. All approved stablecoins will be pegged to the Hong Kong dollar (HKD) and classified as fiat-referenced stablecoins under the HKMA framework.

The announcement came roughly two and a half weeks after the HKMA's self-imposed target date of 24 March 2026, a delay that drew scrutiny from industry observers. Financial Secretary Paul Chan Mo-po had signalled in the 2026/27 Budget address that approvals would be deliberately limited: "A small number [of licences will be approved] to ensure stablecoins have real use cases and issuers maintain sustainable business models." The HKMA's caution is reflected in the numbers. Only three licences were granted from the 36 formal applications received.

A Strict Rulebook Sets Hong Kong Apart

Hong Kong's Stablecoins Ordinance, passed by the Legislative Council on 21 May 2025 and effective from 1 August 2025, is among the most stringent stablecoin frameworks enacted anywhere. It makes Hong Kong the second major Asian jurisdiction to enact a standalone stablecoin law, following Japan.

Licensed issuers must back their tokens exclusively with High Quality Liquid Assets (short-term instruments that can be converted to cash quickly), settle redemption requests at face value within one business day, hold at least HKD 25 million in paid-up capital (banks are exempt from this threshold), keep reserve assets completely separate from their own balance sheets, and comply fully with AML/CFT requirements under HKMA guidelines. Issuers are also barred from paying interest to stablecoin holders. Legal analysts at Davis Polk note the reserve requirement exceeds those set by the European Union's MiCA regulation and the US GENIUS Act, which is currently advancing in Congress.

HSBC, notably, did not participate in the HKMA's pre-legislation sandbox, which launched in March 2024. The bank was approved based on its role as a note-issuing bank in Hong Kong and its demonstrated engagement with digital asset counterparties, according to reporting from the South China Morning Post. Anchorpoint Financial, by contrast, has been testing its model in the sandbox since July 2024.

What Anchorpoint Financial Brings to the Table

The Anchorpoint Financial joint venture pairs Standard Chartered's banking infrastructure and regulatory standing with Animoca Brands' Web3 portfolio (which spans gaming, NFTs, and metaverse projects) and HKT's mobile payments reach through its Tap & Go wallet platform.

Standard Chartered Group CEO Bill Winters said digital assets "are here to stay" and that stablecoins "play a critical role in the overall digital asset ecosystem."

Animoca Brands Group President Evan Auyang noted that "stablecoins represent one of the most compelling use cases within Web3," and framed the venture as reinforcing "Hong Kong's position as a leading international financial center."

HKT Managing Director Susanna Hui said the stablecoin would "enhance payment efficiency, streamline transactions" through Web3 innovations.

For developers building payment applications or decentralised finance protocols targeting Asia, the combination matters. Animoca's ecosystem encompasses one of the broadest portfolios of Web3 games, NFT platforms, and metaverse projects globally, many of which operate in payment environments where unregulated stablecoins are common for in-game purchases and cross-border value transfers.

A bank-backed, HKMA-licensed HKD stablecoin integrated into those platforms would provide a regulated settlement layer that has not previously existed in this market, analogous to the role MiCA-licensed e-money tokens have begun to play as regulated on-ramps in Europe.

Regional Stakes: Remittances, Trade, and Africa

The licences carry direct implications beyond Hong Kong. Asia already accounts for a disproportionate share of stablecoin activity: Japan, Hong Kong, and Singapore together represent roughly 60 percent of the estimated $390 billion in real stablecoin payments made globally, according to CoinDesk analysis from February 2026.

South Asian stablecoin volumes grew 80 percent to $300 billion between January and July 2025, driven by remittance and trade corridors where correspondent banking is slow and expensive.

For South Asian businesses, particularly exporters in Bangladesh, India, Pakistan, and Sri Lanka who settle transactions through Hong Kong intermediaries, a licensed HKD stablecoin with T+1 (next business day) redemption offers a meaningful alternative to SWIFT-dependent payment channels. Hundreds of thousands of South Asian migrant workers based in Hong Kong also represent an active remittance corridor that such instruments could serve.

Standard Chartered's footprint in roughly 15 African markets gives the Anchorpoint licence additional reach. If the stablecoin is eventually embedded into Standard Chartered's cross-border payment infrastructure, it could reduce transfer costs on corridors that currently carry fees of 5 to 8 percent, particularly for East and West African trade flows connected to Hong Kong. Research from Web3 Enabler suggests stablecoins have reduced remittance costs by as much as 90 percent on certain Africa and MENA corridors, underlining the potential scale of that shift.

The Bigger Picture: Beijing, Washington, and What Comes Next

Hong Kong's move arrives as stablecoin regulation is being codified across multiple major economies. The EU's MiCA framework is fully operative, the US GENIUS Act is advancing in Congress, and Singapore continues refining its Payment Services Act regime. Hong Kong is now a fourth significant regulated jurisdiction, though it operates under unique constraints: Beijing maintains a blanket ban on crypto issuance and trading on the mainland.

Some analysts see a longer strategic logic at work. Hong Kong's "one country, two systems" framework allows Chinese firms to engage in international digital finance through the city without requiring Beijing to liberalise mainland rules. Analysts have characterised this arrangement as a "two-zone approach," in which China participates in regulated global digital finance while maintaining strict controls at home.

Separate from today's announcement, there is ongoing discussion among analysts and policy researchers about whether Hong Kong could eventually serve as a testing ground for an offshore yuan stablecoin. No formal proposal has been made public.

In the near term, observers will watch whether sandbox participants RD Technologies and Jingdong Coinlink receive approvals in a subsequent wave. RD Technologies, the venture founded by former HKMA Chief Executive Norman Chan and known for its HKDR stablecoin, and Jingdong Coinlink, a subsidiary of Chinese e-commerce group JD.com, have not yet received licences and are widely expected to be considered in the next round.