Original | Odaily Planet Daily (@OdailyChina)
Author | Golem (@web3_golem)
Hong Kong's first batch of stablecoin licenses has finally been issued.
At 5 PM on April 10th, the Hong Kong Monetary Authority (HKMA) announced that the first batch of stablecoin issuer licenses were granted to two institutions: HSBC Bank and Anchor FinTech Company Limited (a joint venture established by Standard Chartered Bank (Hong Kong) Limited, Hong Kong Telecom (HKT), and ANX Group). It also stated that, according to the current business plans of the two institutions, regulated stablecoins in Hong Kong will be launched successively from the middle to the second half of this year.
Mr. Eddie Yue, Chief Executive of the HKMA, said: "The issuance of the stablecoin issuer licenses is an important milestone in the development of digital assets in Hong Kong. The regulatory regime provides an orderly operating environment, allowing stablecoin issuers to apply innovative technology while properly safeguarding user rights and managing related risks, enabling the healthy, responsible, and sustainable development of Hong Kong's stablecoin ecosystem. I look forward to the issuers launching their businesses as planned, actively exploring development opportunities while managing risks well, promoting the application of compliant stablecoins, addressing pain points in financial and economic activities, creating value for the public and enterprises, and driving the healthy development of Hong Kong's digital assets."
Previous news indicated that the HKMA had completed the final review of the first batch of applications in mid-March 2026. The HKMA received a total of 36 applications.
After Two Years, Hong Kong's Compliant Stablecoins Finally Land
The issuance of Hong Kong's first batch of stablecoin licenses marks a new phase in the implementation of Hong Kong's stablecoin regulatory system. However, the market waited a full two years for this compliant stablecoin license to materialize, making it an achievement reached after a precise博弈 (game/balancing act) between financial innovation and regulatory safety in Hong Kong.
Rewind two years to March 2024, when the Hong Kong Monetary Authority (HKMA) officially launched the "Stablecoin Issuer Sandbox Arrangement." This was a crucial starting point for Hong Kong's stablecoin regulation moving towards practical implementation. The market saw the Hong Kong regulator's open attitude towards crypto finance, which attracted applications from multiple institutions, including traditional financial giants and native Web3 enterprises, to participate in the sandbox experiment.
In July of the same year, after four months of review, the HKMA announced the sandbox participants. Five institutions, including JD CoinChain Technology (Hong Kong) Limited, RD InnoTech Limited, Standard Chartered Bank (Hong Kong) Limited, ANX Group Limited, and Hong Kong Telecom (HKT) Limited, obtained participation qualifications. Market expectations were ignited because this indicated that Hong Kong's stablecoin regulation had entered the stage of specific institutional testing and regulatory磨合 (breaking-in/磨合), and Hong Kong was not far from bringing stablecoins into the formal regulatory framework.
Hong Kong's stablecoin sandbox experiment lasted for one year. On August 1, 2025, Hong Kong's "Stablecoin Ordinance" came into effect, and the stablecoin issuer regulatory system was officially implemented. This was a key node in the development of Hong Kong's virtual assets, marking the entry of Hong Kong's stablecoins into the era of licensed regulation.
The second half of 2025 also coincided with the peak of narratives intersecting crypto and traditional finance, such as RWA, stock tokenization, and listed company crypto treasuries. After the Hong Kong "Stablecoin Ordinance" took effect, the market expected Hong Kong's crypto finance to enter a great navigation era. Therefore, when the HKMA opened the first round of stablecoin issuer license applications, it was reported that over 70 companies intended to apply for Hong Kong stablecoin licenses, including financial institutions, Web2 internet companies, and blockchain enterprises.
But just as the situation was heating up, Hong Kong's stablecoin and RWA businesses faced a regulatory cool-down. In September 2025, market rumors emerged that companies involved in stablecoin and RWA businesses in Hong Kong were "warned" to keep a low profile in their business and statements related to stablecoins and RWA. Simultaneously, the participation of Chinese-funded enterprises in Hong Kong's stablecoin business was strictly controlled. According to a Caixin report at the time, because Hong Kong's stablecoin business was still in its infancy, excessive participation by Chinese-funded entities might bring risks, so it was necessary to isolate the risks first.
This temporary incident directly led to a sharp decrease in the number of enterprises applying for Hong Kong stablecoin licenses. Not only did Chinese-funded banks and state-owned enterprises withdraw, but Web2 internet companies also suspended their stablecoin issuance plans. In October 2025, informed sources revealed that Ant Group, affiliated with Alibaba, and JD.com had suspended their related plans to issue stablecoins in Hong Kong. Ultimately, the HKMA received only 36 stablecoin license applications from institutions, and the market calmed down accordingly.
In early February this year, Mr. Eddie Yue, Chief Executive of the HKMA, stated that they aimed to issue Hong Kong's first batch of stablecoin issuer licenses by March this year. He emphasized: "The number of licenses issued in the first batch will certainly be small, with the goal being稳妥 (prudence/safety first)."
Back to the present, it has been over 8 months since the Hong Kong "Stablecoin Ordinance" came into effect. The issuance of Hong Kong's first batch of stablecoin licenses finally landed today. Over these two years, the market has been hyped, capital has been hot, concepts have been speculated on, and regulation has also been controlled. After going through countless hardships, the path for Hong Kong's compliant stablecoins has finally been fully traversed from "sandbox testing — legislative landing — application review — official licensing".
The Great Era of Hong Kong Stablecoins is Coming
Undoubtedly, the issuance of Hong Kong's first batch of stablecoin licenses is another important milestone on its way to becoming an "International Digital Asset Financial Center".
For Hong Kong, this licensing means that stablecoin regulation is no longer just at the institutional level. With the actual launch of stablecoin businesses by licensed institutions, such as cross-border payments, digital securities, and DeFi fields, Hong Kong's digital financial market will gain more vitality and grasp more discourse power in the future world digital financial system, seizing the strategic high ground of "digital currency sovereignty".
Looking more specifically at the market level, after the first batch of licenses are issued, the Hong Kong crypto market has the opportunity to regain some vitality. In the past, many people thought of forums, summits, and expectations when mentioning Hong Kong stablecoins—it was lively, but always half a step away from real business. Now, the first batch of licensed enterprises can finally legally conduct stablecoin businesses, practically exploring the potential of the Hong Kong market in areas such as cross-border payments, institutional settlements, and on-chain finance.
Of course, the issuance of the first batch of licenses does not mean the overall market situation is settled. Although first movers will have a leading advantage, it doesn't mean latecomers cannot catch up. Only when the second and third batches of licenses are issued in the future will the market truly enter the stage of competing on scenarios, execution capabilities, and products and services.
Therefore, the first batch of licenses is not the climax of the Hong Kong stablecoin story; on the contrary, it is just the beginning. The great era of Hong Kong stablecoins is about to begin.
