Hong Kong has awarded its first licences for stablecoin issuance to HSBC and Anchorpoint Financial, a venture backed by Standard Chartered, making them the first approved issuers of digital tokens linked to the Hong Kong dollar.
Anchorpoint Financial is jointly owned by Standard Chartered, Hong Kong Telecommunications and Animoca Brands.
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
In a separate development, South China Morning Post reported that HSBC is planning to roll out its Hong Kong dollar stablecoin in the latter half of this year through its PayMe service and mobile banking application.
The first stage will cover person-to-person transfers and payments to merchants.
Users will also be able to use the token to subscribe to tokenised investment products within the app.
HSBC Hong Kong CEO Maggie Ng said the stablecoin would not offer interest, though it would enable quicker settlement.
She added that the bank or merchants might provide incentives to support adoption. Ng also said HSBC may widen the offering next year to include stablecoins tied to other currencies.
Anchorpoint chief executive Dominic Maffei said at a media briefing on Friday that the venture plans to launch a Hong Kong dollar stablecoin, HKD At Par (HKDAP), from the second quarter. Its early emphasis will be on institutional clients, and it does not plan to target retail users at the outset.
Maffei said stablecoins could lower transaction expenses and support 24-hour settlement.
HKMA CEO Eddie Yue said: “The granting of stablecoin issuer licences is an important milestone for the development of digital assets in Hong Kong. The regulatory regime provides an orderly operating environment for stablecoin issuers to apply innovative technologies while ensuring robust user protection and effective risk management, which will foster the development of a healthy, responsible, and sustainable stablecoin ecosystem.”
