Standard Chartered’s joint venture, HSBC Hong Kong first to secure HKMA stablecoin issuer licences

Anchorpoint, a fintech venture jointly created by Standard Chartered Hong Kong, Animoca Brands, and SCBHK HKT, and HSBC Hong Kong have become the first entities licensed by the Hong Kong Monetary Authority (HKMA) to issue stablecoins under the new regulatory framework.

According to a statement issued on April 10, Anchorpoint plans to launch HKDAP, a regulated Hong Kong dollar-backed stablecoin, in phases beginning in the second quarter.

Bill Winters, Group Chief Executive of Standard Chartered, says the bank continues to focus on innovation and sees itself as an important bridge between clients and the financial markets.

The firm will promote adoption through a B2B2C model using selected distributors to reach end users and support ecosystem partners. It is also focused on enabling tokenized asset settlement and improving cross-border capital and payment flows using stablecoin infrastructure.

Hong Kong’s Stablecoins Ordinance

Hong Kong’s Stablecoins Ordinance came into force in August 2025, introducing a formal regulatory framework and licensing system for stablecoin issuance.

Issuers need at least HK$25 million in paid-up capital and HK$3 million in liquid assets. Unauthorized stablecoin issuance carries penalties of up to HK$5 million in fines and as many as seven years in prison.

The framework aims to reinforce financial stability, protect consumers, and ensure clear oversight while enabling responsible growth in the digital asset sector.

In parallel, the HKMA released guidelines covering issuer supervision and anti-money laundering and counter-financing of terrorism requirements.

The global stablecoin market capitalization has exceeded $311 billion, per CoinGecko. The overwhelming majority of transaction volume flows through dollar-denominated tokens like USDT and USDC.

Hong Kong is continuing to build out its stablecoin licensing system under a regulated environment designed to support innovation in digital finance, despite ongoing restrictions on cryptocurrency activity in mainland China.

The initiative focuses on enabling stablecoins for practical applications like cross-border settlement and tokenized banking infrastructure under strict supervision.

Market observers suggest the strategy reflects a cautious approach that balances financial innovation with regulatory control, while China is still concerned about risks related to capital flows, monetary sovereignty, and the dominance of foreign currency stablecoins.