Hong Kong has moved its stablecoin regime into operation, but the first winners came from traditional finance. On April 10, 2026, the Hong Kong Monetary Authority granted issuer licenses to HSBC and Anchorpoint. The licenses took effect at once.
The decision gave Hong Kong its first licensed stablecoin issuers under the Stablecoins Ordinance. It also showed that the city’s first entry point favors institutions with strong banking ties. Web3 firms remain outside the first group.
Hong Kong-listed stocks linked to the theme rose after the news. Guotai Junan International climbed as much as 27.69%. Yunfeng Financial gained 8.74%.
The next round of licenses remains unclear. HKMA Chief Executive Eddie Yue said future expansion would follow an “open but cautious” approach. He also said there is no clear direction at this stage.
Deputy Chief Executive Darryl Chan said the decision came from a holistic review of all applications. He said both selected institutions happened to have banking backgrounds. He also said there is no timetable for more licenses.
That stance matches the regulator’s earlier message. In July 2025, the HKMA said licensing would be ongoing, but early applicants should file by September 30, 2025. It also warned firms not to create false expectations.
The HKMA has not released the full list of 36 applicants. It has also not explained why individual applications failed. As a result, the market can only judge from the regulator’s published standards.
The next names under watch are still the remaining sandbox participants. In July 2024, the HKMA named JD Coinlink Technology and RD InnoTech in the first sandbox batch. Still, the HKMA said the sandbox was only a limited test setting.
Sandbox firms could test processes and align with regulatory standards. But they could not take public funds or sell products to the public. So sandbox entry did not mean a license was near.
Some large firms also showed interest. Ant International said in 2025 that it hoped to apply once the window opened. Yet public intent and a final license are still far apart.
The first two licensees do not appear set for a direct fight. HSBC said its Hong Kong dollar stablecoin will launch in the second half of 2026. It will connect with PayMe and the HSBC HK App.
Its early use cases include P2P payments, P2M payments, and tokenized investments inside the app. PayMe already has more than 3.3 million users. That gives HSBC an existing retail route.
Anchorpoint is taking a different path. Standard Chartered said on April 10 that Anchorpoint plans phased issuance of HKDAP from the second quarter of 2026. It will use a B2B2C model through authorized distributors.
Anchorpoint is targeting tokenized asset settlement and cross-border payments. That model leans toward institutional flows, not daily retail spending. For now, Hong Kong has opened stablecoin issuance, but traditional finance still holds the keys first.
Kelvin Munene is a crypto and finance journalist with over 5 years of experience in market analysis and expert commentary. He holds a Bachelor’s degree in Journalism and Actuarial Science from Mount Kenya University and is known for meticulous research in cryptocurrency, blockchain, and financial markets. His work has been featured in top publications including Coingape, Cryptobasic, MetaNews, Coinedition, and Analytics Insight. Kelvin specializes in uncovering emerging crypto trends and delivering data-driven analyses to help readers make informed decisions. Outside of work, he enjoys chess, traveling, and exploring new adventures.
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