FINANCE

Hong Kong Regulators Issue Warning to Cool Stablecoin Frenzy

Published: Aug. 15, 2025 4:55 a.m. GMT+8

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Signage for the Hong Kong Monetary Authority (HKMA) is displayed outside Two International Finance Centre (IFC) in the business district of Central in Hong Kong

Hong Kong’s top financial regulators have issued a rare joint warning, cautioning investors over heightened market volatility driven by speculation surrounding stablecoins.

In a joint statement Thursday, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) said recent stock fluctuations tied to the "stablecoin concept" underscored the risks of irrational investment behavior during speculative market surges.

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Hong Kong regulators warned investors about market volatility driven by speculation over stablecoins amid the launch of a new licensing regime for fiat-referenced issuers, open until Sept. 30, 2024.
Companies such as Anchorpoint Financial, Fosun International, and RD Technologies fueled stock surges with announcements or rumors about stablecoin license applications, leading to fluctuating share prices.
Regulators pledged strict application assessments and enforcement, while similar warnings about stablecoin scams have emerged in mainland China.

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Who’s Who

Standard Chartered Bank (Hong Kong): Standard Chartered Bank (Hong Kong) formed a joint venture called Anchorpoint Financial Ltd., with HKT and Animoca Brands Corp. Ltd. On August 8, Anchorpoint publicly expressed interest in applying for a stablecoin issuer license under Hong Kong's new regulatory regime, which opened on August 1.

HKT: HKT, or Hong Kong Telecommunications, is a partner in Anchorpoint Financial Ltd., a joint venture alongside Standard Chartered Bank (Hong Kong) and Animoca Brands Corp. Ltd. Anchorpoint Financial Ltd. publicly declared its intent to apply for a stablecoin issuer license on August 1st, the same day the Stablecoin Ordinance took effect.

Animoca Brands Corp. Ltd.: Animoca Brands Corp. Ltd. is a partner in Anchorpoint Financial Ltd., a joint venture that became the first to publicly declare its intent to apply for a stablecoin issuer license in Hong Kong. Anchorpoint formally expressed its interest on August 1st, the day the Stablecoin Ordinance took effect, highlighting Animoca Brands' involvement in the emerging stablecoin market.

Anchorpoint Financial Ltd.: Anchorpoint Financial Ltd. is a joint venture involving Standard Chartered Bank (Hong Kong), HKT, and Animoca Brands Corp. Ltd. They were the first to publicly express interest in obtaining a stablecoin issuer license in Hong Kong, doing so on August 1st, the day the new Stablecoin Ordinance took effect.

Fosun International: Fosun International's chairman, Guo Guangchang, met with Hong Kong officials to discuss plans for a stablecoin license. Following this news, the company's shares jumped 27.5% before retreating.

RD Technologies: RD Technologies (晶泰科技), a key proponent of stablecoin development in Hong Kong, plans to "go all out" to compete for a license, citing its participation in HKMA’s sandbox program. Its CEO, Liu Yu, announced their intent to apply but declined to confirm a submission.

IVD Medical Holding Ltd.: IVD Medical Holding Ltd., a distributor of diagnostic devices, recently announced plans to invest up to HK$880 million in Ethereum, having already purchased HK$150 million in shares. This news led to a 27.55% rally in its stock, which later dropped to HK$8.64 by Thursday, a 32.8% decrease from its August 12 peak.

Sinohope Technology Holdings Ltd.: Sinohope Technology Holdings Ltd. is a company mentioned in the article whose stock surged by 30% on August 13th, amidst a broader rise in digital asset stocks. This occurred as the Hang Seng Index also saw a significant jump of over 600 points.

OKG Technology Holdings Ltd.: OKG Technology Holdings Ltd. is a company whose stock price surged by 26% on August 13. This happened amidst a broader market jump in digital asset stocks and the Hang Seng Index, a period marked by speculation surrounding stablecoin issuer licenses in Hong Kong.

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What Happened When

Since July 2025：: Authorities in Shenzhen, Beijing, Suzhou and Zhejiang have issued alerts about illegal financial schemes related to stablecoins, and brokerages have been instructed to halt roadshows and commentary on the topic.

Aug. 1, 2025：: The Stablecoin Ordinance took effect in Hong Kong, opening a two-month application window for fiat-referenced stablecoin issuers.

Aug. 1, 2025：: Anchorpoint Financial Ltd. said it had formally expressed interest in a stablecoin issuer license the day the ordinance took effect.

Aug. 6, 2025：: Tencent News reported that Fosun International Chairman Guo Guangchang led a delegation to meet with Hong Kong Chief Executive John Lee and Financial Secretary Paul Chan to discuss plans for a stablecoin license.

Aug. 8, 2025：: Anchorpoint Financial Ltd. publicly declared its intent to apply for a stablecoin issuer license.

Aug. 11, 2025：: IVD Medical Holding Ltd. disclosed plans to invest up to HK$880 million ($112.5 million) in Ethereum, sparking a 27.55% rally in its stock.

Aug. 12, 2025：: Investor excitement intensified; shares of Fosun jumped as much as 27.5% to HK$6.81 ($0.87) following media reports and closed at HK$5.55.

Aug. 12, 2025：: The stock price of IVD Medical peaked at HK$12.86, then subsequently dropped.

Aug. 13, 2025：: Digital asset stocks surged as the broader Hang Seng Index jumped over 600 points. Sinohope Technology Holdings Ltd. soared 30%, while OKG Technology Holdings Ltd. rose 26%.

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