FINANCE

Hong Kong Grants First Stablecoin Licenses to HSBC, Standard Chartered–Backed Venture

Published: Apr. 10, 2026 11:50 p.m. GMT+8

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The HKMA selected the initial licensees from 36 applicants, assessing their risk-management capabilities, regulatory compliance and business plans. Photo: VCG

The Hong Kong Monetary Authority (HKMA) on Friday granted its first batch of fiat-backed stablecoin issuer licenses to HSBC and a Standard Chartered-backed joint venture, marking a major step in the city’s push to become a global digital-asset hub.

The approvals allow HSBC and Anchor Financial Technology Co. Ltd. — a joint venture formed by Standard Chartered, Hong Kong Telecommunications and Animoca Brands — to operate under Hong Kong’s new regulatory regime for stablecoins.

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Explore the story in 30 seconds

HKMA granted first fiat-backed stablecoin licenses to HSBC and Anchor Financial Technology (Standard Chartered JV).
Selected from 36 applicants to boost HK as digital-asset hub; Citigroup estimates $16B market.
HK leads US (GENIUS Act July 2025, rules pending) vs. China's Nov 2025 crypto ban.

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Who’s Who

HSBC: HSBC received one of the first fiat-backed stablecoin issuer licenses from the Hong Kong Monetary Authority (HKMA), enabling operations under the new regulatory regime. HSBC's Global Investment Research reported Hong Kong's digital-asset custody exceeded HK$14 billion and tokenized deposits hit HK$29 billion by end-2025.

Standard Chartered: Standard Chartered, via its joint venture Anchor Financial Technology Co. Ltd. (with Hong Kong Telecommunications and Animoca Brands), received one of Hong Kong's first fiat-backed stablecoin issuer licenses from the HKMA, enabling operations under the new regulatory regime.

Anchor Financial Technology Co. Ltd.: Anchor Financial Technology Co. Ltd., a joint venture by Standard Chartered, Hong Kong Telecommunications, and Animoca Brands, received one of the first fiat-backed stablecoin issuer licenses from the Hong Kong Monetary Authority (HKMA), enabling operations under the new regulatory regime. Selected from 36 applicants.

Hong Kong Telecommunications: Hong Kong Telecommunications is a partner in Anchor Financial Technology Co. Ltd., a joint venture with Standard Chartered and Animoca Brands. The JV received one of HKMA's first fiat-backed stablecoin issuer licenses.

Animoca Brands: Animoca Brands is a partner in Anchor Financial Technology Co. Ltd., a joint venture with Standard Chartered and Hong Kong Telecommunications. The JV received one of HKMA's first fiat-backed stablecoin issuer licenses.

Citigroup: Citigroup estimates Hong Kong’s stablecoin market could reach about $16 billion.

Fireblocks: Amy Zhang, Asia-Pacific head of Fireblocks, said compliant stablecoins circulate more freely in the financial system, aiding exchanges and market makers. A licensed HKD-pegged stablecoin with 24/7 secondary-market trading could overcome traditional banking clearing-time constraints.

King & Wood Mallesons: Fei Andrew Si, a partner at King & Wood Mallesons, noted that the U.S. passed the GENIUS Act in July 2025, but regulators are still drafting implementation rules. (32 words)

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