The Hong Kong Monetary Authority has approved the city’s first stablecoin licenses, with Anchorpoint and HSBC Hong Kong receiving regulatory approval to issue Hong Kong dollar-backed digital tokens. This development marks a significant milestone in the city’s digital asset strategy, establishing new standards for the issuance of regulated stablecoins within Hong Kong’s financial system.
Early licensees and plans for HKDAP launch
Anchorpoint was formed as a joint venture comprising Standard Chartered, Animoca Brands, and HKT, companies with established experience in banking, blockchain development, and telecommunications, respectively. HSBC Hong Kong is the regional branch of HSBC Holdings plc, one of the world’s largest banking and financial services institutions and a strong participant in Asia’s digital finance landscape.
As one of the first two licensed stablecoin issuers, Anchorpoint confirmed it intends to launch HKDAP, a Hong Kong dollar-backed stablecoin designed for institutional and commercial applications. The company outlined a phased rollout strategy, targeting initial adoption in the second quarter, with a focus on digital payments and tokenized transaction settlements.
Bill Winters, Group Chief Executive of Standard Chartered, emphasized the role of the approved stablecoin in the ongoing digital transformation of financial markets.
The issuance of HKDAP provides a regulated digital medium of exchange tailored to today’s financial landscape. Winters also pointed out the project’s alignment with trends in global trade and digital finance.
Anchorpoint CEO Dominic Maffei highlighted the security and regulatory guarantees of the upcoming token, adding that the initiative seeks to simplify and enhance digital financial transactions for both institutions and individuals in the city’s ecosystem. The company will distribute its assets through business partners targeting both business and end user segments.
In addition to technological development, the company’s model is structured to connect financial service providers with users, aiming to increase adoption and foster further innovation within the regulated digital asset market.
New framework sets capital, compliance, and penalty guidelines
The launch of these licenses is enabled by Hong Kong’s recently introduced Stablecoins Ordinance, which was enacted to regulate digital asset issuance, establish capital requirements, and define operational standards for issuers. Under the new rules, licensed stablecoin issuers are required to hold at least HK$25 million in paid-up capital, along with HK$3 million in liquid assets to ensure operational stability.
The government’s approach centers on strict compliance. Penalties for operating without a license now include fines up to HK$5 million and prison terms of as much as seven years. These provisions are intended to deter unauthorized issuers and maintain financial system integrity.
Rules outlined by the Hong Kong Monetary Authority also require licensed issuers to implement robust anti-money laundering and counter-terrorism financing procedures. Ongoing supervision includes mandatory reporting and controls to manage risk and transparency within the regulated environment.
Globally, the stablecoin market continues to grow, with data from CoinGecko placing the total value above $311 billion. Most transactions are still conducted with US dollar-backed stablecoins such as USDT and USDC, though Hong Kong’s licensing move signals an effort to offer a domestic alternative and support innovation in local financial services.
Authorities have indicated that these first licenses are a step toward broader adoption of digital assets, with a focus on responsible innovation, practical use in cross-border settlements, and continued regulatory oversight for financial stability.
