Hong Kong Issues First Stablecoin Licenses To HSBC, Standard Chartered JV
The Hong Kong Monetary Authority (HKMA) has handed out its first stablecoin licenses, and the winners are Standard Chartered’s JV and HSBC.
HKMA Has Released First Stablecoin Licenses After A Delay
According to HKMA’s website, two entities have now turn into registered stablecoin issuers in Hong Kong: Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited.
Hong Kong launched its stablecoin bill referred to as the Stablecoins Ordinance again in August 2025, establishing a licensing regime for stablecoin issuers. Under this regulation, events taken with issuing fiat-tied cryptocurrencies within the Chinese metropolis should first receive a license from the HKMA.
Major names rapidly lined as much as apply for a license. This included HSBC and Anchorpoint Financial Limited. The latter is a three way partnership (JV) created by Standard Chartered, Animoca Brands, and Hong Kong Telecom. In complete, the HKMA ended up receiving purposes from 36 entities. Despite the high curiosity, although, Eddie Yue, the monetary regulator’s chief government, stated in February {that a} “very small quantity” of licenses can be granted within the first wave.
Yue additionally stated that these licenses would arrive in March, however in the long run, no licenses have been issued throughout that month, suggesting a delay from the HKMA. However, immediately, on April tenth, the primary batch has lastly gone out.
With simply two licenses being handed out, Yue certainly arrange the right expectations. As talked about earlier, Standard Chartered’s JV and HSBC are the candidates who’ve obtained the primary approval. Thus, these banks have a head begin over the remainder on the subject of stablecoins within the area.
Hong Kong’s stablecoins advance is only one instance of optimistic regulation that these fiat-tied tokens have seen the world over previously 12 months. One of a very powerful wins for the sector has been the GENIUS Act signed into regulation by United States President Donald Trump final 12 months.
Because of all of the regulatory momentum and adoption, the stablecoins sector has carried out comparatively properly amid the broader downturn within the digital property market. As information from DefiLlama reveals, stablecoins have seen their mixed market cap transfer sideways at all-time highs (ATHs) since This autumn 2025. In the identical interval as this flat section in these fiat-tied tokens, Bitcoin has gone down by greater than 42%.
While the stablecoin market cap is critical in dimension, the overwhelming majority of it’s coated by simply two property pegged to the US Dollar: USDT and USDC. Moves just like the euro-pegged token from a consortium of main European banks might shake up this dominance, however it solely stays to be seen how the panorama will evolve.
Bitcoin Price
At the time of writing, Bitcoin is floating round $72,200, up greater than 8% within the final seven days.
