(9 April 2026 – Hong Kong) The Hong Kong Monetary Authority (HKMA) has issued its first licences for fiat-backed stablecoins to HSBC and a joint venture by Standard Chartered, signifying a key step in the city’s ambitions to develop regulated digital currencies in global finance and trade.
Hong Kong is embracing cryptocurrency’s most-traded cash substitute as it seeks to become a global digital asset hub. Both group’s that already issue Hong Kong dollar banknotes were selected from a pool of 36 applicants according to the HKMA. The decision positions the banks at the forefront of a tightly controlled market for Hong Kong dollar-pegged cryptocurrencies, as the city’s digital asset framework continues to evolve.
Under the regulatory framework, issuers are required to maintain reserves fully backing the value of stablecoins in circulation, a structure that could be aimed at limiting financial stability risks.
Each stablecoin issued by HSBC will be fully backed at all times by high quality, liquid assets held in segregated accounts and will meet the highest financial crime compliance standards, underlining HSBC’s commitment to safety and security in digital assets and currencies. HSBC’s stablecoin, will be available on the bank’s two mobile apps, PayMe and HSBC HK Mobile Banking.
The StanChart joint venture is called Anchorpoint Financial, and was formed with Animoca Brands and Hong Kong Telecommunications. Anchorpoint said it was going to work with selected businesses to act as distributors to enable public access to its stablecoin.
HKMA has granted HSBC a stablecoin issuer licence. We look forward to participating in this pioneering regulatory regime, which will allow HSBC-issued stablecoins to be used safely and securely by our customers for payments and transactions in Hong Kong. Today’s news aligns with Hong Kong’s ambition to become a global digital asset hub. By integrating stablecoins into how our apps are used to pay and invest, HSBC is helping customers participate confidently in the future of digital finance and realise the benefits it can deliver” commented HSBC Hong Kong CEO, Maggie Ng.
Under the new licence, HSBC plans to launch a Hong Kong dollar‑denominated stablecoin in H2 2026. In the initial phase, the following use cases will provide HSBC retail customers and merchants with more flexible and secure options for everyday transactions:
- Peer-to-Peer (P2P) Payments: Instantly transfer value to friends and family using stablecoins via PayMe and HSBC HK App.
- Peer-to-Merchant (P2M) Payments: Pay participating merchants directly with stablecoins via PayMe.
- Tokenised Investments: Subscribe to tokenised investments using stablecoins via HSBC HK App