On April 10, 2026, Hong Kong made regulatory history. The HKMA — Hong Kong Monetary Authority — issued the first two licences for stablecoin issuance pegged to the Hong Kong dollar. Only two applicants cleared the bar out of 36 reviewed: HSBC and Anchorpoint Financial, a joint venture between Standard Chartered, Animoca Brands, and Hong Kong Telecommunications (HKT). The global stablecoin market already exceeds $310 billion. Hong Kong just staked its claim on where it goes next.
Why These Two Institutions — and Not the Others
The choice carries weight beyond compliance. HSBC and Standard Chartered are two of only three banks authorised to physically print Hong Kong dollar banknotes — a privilege dating back to 1846. The HKMA has, in effect, handed digital currency issuance to the same institutions that have managed the physical currency for nearly two centuries. That kind of institutional continuity is almost unheard of in crypto.
HKMA CEO Eddie Yue described the licences as "an important milestone for digital asset development in Hong Kong", expressing confidence that regulated stablecoins can solve real problems in everyday payments and trade settlement. Both licences — coded FRS01 for Anchorpoint and FRS02 for HSBC — were effective from the day of the announcement, April 10, 2026.
How the HKD Stablecoins Will Actually Work
HSBC plans to launch its stablecoin in the second half of 2026, integrating it directly into its PayMe app and mobile banking platform. Maggie Ng, CEO of HSBC Hong Kong, confirmed that every token will be "fully backed by liquid assets held in segregated accounts", targeting peer-to-peer payments and merchant purchases. No yield, but instant settlement.
Anchorpoint takes a B2B2C approach: it will not interact directly with retail customers, instead distributing through selected partners. Its token, HKDAP (HKD At Par), is set to launch as early as Q2 2026. Standard Chartered Group CEO Bill Winters called it the start of a "new era for international digital trade settlement".
We're excited to share that Anchorpoint, a joint venture established by @StanChart (Hong Kong), HKT, and us at @animocabrands, today was one of two being granted a stablecoin issuer licence by the @hkmagovhk, under the Stablecoins Ordinance that came into effect 1 August 2025.…
— Animoca Brands (@animocabrands) April 10, 2026
Hong Kong Moves First While US and EU Still Debate
This decision did not emerge in a vacuum. In the United States, the operational framework of the GENIUS Act on stablecoins is not expected to be finalised before November 2026. In Europe, both Italy and Germany are already pushing for kill-switch provisions against foreign stablecoins issued outside the MiCA perimeter — the EU's Markets in Crypto-Assets regulation. Hong Kong got there first: two licences from 36 applications, absolute rigour, zero improvisation.
Meanwhile, Circle has launched CPN Managed Payments to bring USDC into banks without requiring those institutions to hold crypto directly. The sector is reorganising across multiple layers at the same time.
What Bank-Backed Stablecoins Mean for the Market
Citi projects the global stablecoin market could reach between $1.9 trillion and $4 trillion within the coming years — starting from today's $310 billion baseline. Hong Kong's timing is calculated. A bank-issued, fully KYC-compliant stablecoin with transparent reserves offers something USDT and USDC do not: institutional credibility embedded in the blockchain layer, not just speed of transfer.
The challenge to dollar-dominated issuers is now open. Watch whether the HKDAP launch in Q2 2026 attracts the trade-finance volumes that Anchorpoint and Standard Chartered are betting on — that will be the real test of whether regulated HKD stablecoins can compete on the global stage.
