Key takeaways
- • Only two companies hold a Hong Kong stablecoin issuer license as of this page’s last review: HSBC and Anchorpoint Financial (Standard Chartered / HKT / Animoca joint venture). Both licensed 10 April 2026.
- • A stablecoin license is not the same as an SFC fund authorization, a virtual asset trading platform license, or permission to run a crypto exchange — it covers issuance of a fiat-referenced token only.
- • Neither licensee had a fully live consumer product at last review — a license means regulatory approval to issue, not that you can buy the token today.
- • This page is informational, not investment advice. Always cross-check any claimed license against the live HKMA register before trusting it.
- • Verified against the official HKMA register as of 13 July 2026. This list can and will change as the HKMA grants new licenses — check the live HKMA register directly ↗ for the current, authoritative list before relying on anything below.
Check if a company is licensed
Leave it blank to browse the full register below — there are only 2 entries.
Full register (2 licensees) — verified 13 July 2026
Open live HKMA register ↗| Entity | License | Effective | Launch target |
|---|---|---|---|
| The Hongkong and Shanghai Banking Corporation Limited | FRS02 | 10 April 2026 | Targeted H2 2026, integrated with existing HSBC and PayMe apps. |
| Anchorpoint Financial Limited | FRS01 | 10 April 2026 | Targeted phased issuance beginning Q2 2026. |
Source: HKMA Register of Licensees under the Stablecoins Ordinance (Cap. 656). Data verified 13 July 2026 against the live register — the HKMA updates it as new licenses are granted, so this list will go stale over time. Always confirm current status at the official HKMA register before relying on it.
How Hong Kong’s stablecoin licensing regime got here
The Stablecoins Ordinance didn’t appear overnight, and licensing hasn’t moved fast either — from ordinance to first licenses took roughly eight months, and from licenses granted to a live retail product takes several more.
1 Aug 2025
Stablecoins Ordinance (Cap. 656) takes effect
Issuing a fiat-referenced stablecoin in or from Hong Kong becomes a regulated activity requiring an HKMA license.
Late 2025
HKMA reviews applications
36 applications assessed in the initial licensing round, per the regulator's own account of the process.
10 Apr 2026
First 2 licenses granted
HSBC (FRS02) and Anchorpoint Financial (FRS01) become the only licensed issuers.
Q2 2026
Anchorpoint targets phased issuance
Standard Chartered / HKT / Animoca joint venture plans a staged rollout.
H2 2026
HSBC targets retail launch
Planned integration with HSBC's existing banking and PayMe apps.
What an HKMA stablecoin license actually requires
1. Full reserve backing, held separately from the issuer’s own money
A licensed issuer must keep the stablecoin fully backed at all times by high-quality, liquid reserve assets. Those reserves must be segregated from the issuer’s own balance sheet — if HSBC or Anchorpoint ran into financial trouble, the reserve backing a stablecoin is not supposed to be treated as the bank’s general assets.
2. Redemption within one business day
Holders must be able to redeem the stablecoin at par (i.e. get their HK$1 back per token) within one business day. This is the practical test of whether the “stable” part of stablecoin is real — a token that cannot be redeemed quickly at face value is not meeting the bar the ordinance sets.
3. Independent audit and governance
Reserve holdings are subject to independent audit, and issuers must run adequate governance and risk-management frameworks. The HKMA has not published a single numeric capital ratio on its public issuer-facing page — the detailed technical requirements sit in its Guideline on Supervision of Stablecoin Issuers, which applicants are directed to study directly.
4. Selectivity: 36 applicants, 2 licenses
The HKMA assessed 36 applications in the initial round and approved only two. That ratio tells you this is not a rubber-stamp registration process — it is closer in spirit to a banking license than to a business registration. Expect the list to grow slowly, not in a rush of new entrants.
A licensed stablecoin is not an investment — here’s the actual difference
It’s an easy mix-up: “HSBC just launched a digital HKD product” sounds like it should pay you something. It doesn’t, by design. A fiat-referenced stablecoin is built to always equal HK$1 — the reserve assets backing it may earn interest, but that yield belongs to the issuer, not to whoever is holding the token, in the same way holding a HK$100 banknote doesn’t pay you interest on the banknote itself.
| Product | Pays holder yield? | Regulator | Purpose |
|---|---|---|---|
| Licensed HKD stablecoin | No | HKMA (Stablecoins Ordinance) | Payment / settlement token pegged 1:1 to HKD |
| Tokenized money market fund | Yes, 2.8–5.3% p.a. (June 2026) | SFC / HKMA Project Ensemble sandbox | Regulated fund holding short-term instruments, tokenized shares |
| HK Treasury Bills | Yes, ~4.0–4.5% p.a. (91-day, June 2026) | HKMA / Exchange Fund | Government-backed short-term debt instrument |
| Ordinary HKD bank deposit | Yes, up to ~2.7% p.a. (virtual banks, June 2026) | HKMA (Banking Ordinance) | Deposit protected up to HK$500,000 per bank |
If your goal is a return on idle HKD, use the tokenized money market fund or Treasury Bills tools above. Come back to this checker when your question is specifically “is this stablecoin issuer actually licensed.”
How to spot an unlicensed or misrepresented Hong Kong stablecoin claim
- 1. The name isn’t on the HKMA register. This is the single test that matters. Anyone can print “HKMA-compliant” on a website; only the register above confirms an actual license.
- 2. It promises a fixed yield or interest for holding the coin. A licensed fiat-referenced stablecoin is not designed to pay the holder — an offer of guaranteed returns on a “stablecoin” is a feature that belongs to a different (and separately regulated, or unregulated) product, not a licensed HKD stablecoin.
- 3. It calls itself “algorithmic” and HKMA-licensed at the same time. The licensing regime is built around full, audited reserve backing — a token whose peg depends on an algorithm rather than segregated reserves does not fit that model.
- 4. It can’t explain redemption at par within one business day. If a platform is vague about how or when you can redeem 1 token for HK$1, that is a direct miss on a core license requirement.
- 5. It’s already selling to Hong Kong retail customers today. As of this page’s last review, neither licensee had a fully live consumer product. Anything already marketing an HKD stablecoin to HK retail users right now deserves an extra look.
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Built by Jim Liu
Hong Kong investment analyst covering the territory’s virtual asset and tokenization regulatory tracks — HKMA Project Ensemble, SFC crypto ETF approvals, and now the Stablecoins Ordinance licensing register.
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