After Two Years and 36 Applicants Narrowed to 2! Hong Kong's First Batch of Stablecoin Licenses Issued, HSBC and Standard Chartered Successfully Break Through

Odaily星球日报Опубліковано о 2026-04-10Востаннє оновлено о 2026-04-10

Анотація

Hong Kong has issued its first batch of stablecoin licenses to two institutions after a two-year regulatory process. The Hong Kong Monetary Authority (HKMA) granted approval to HSBC and AnchorFin Tech Limited, a joint venture involving Standard Chartered Bank, HKT, and Animoca Brands. The licensed entities are expected to launch regulated stablecoins by mid-to-late this year. The move marks a major milestone in Hong Kong’s digital asset development, following the introduction of a sandbox arrangement in March 2024 and the formal enactment of the Stablecoin Ordinance in August 2025. Initially, over 70 companies showed interest in applying, but only 36 eventually submitted applications. The HKMA emphasized a cautious and quality-focused approach to licensing. This development is seen as a key step in strengthening Hong Kong’s position as an international digital asset hub. It is expected to promote the use of compliant stablecoins in areas such as cross-border payments, tokenized securities, and decentralized finance (DeFi), while ensuring user protection and risk management. The issuance of the first licenses is viewed not as an endpoint, but as the beginning of a broader expansion of Hong Kong’s stablecoin ecosystem.

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.

Пов'язані питання

QWhich two institutions were granted the first stablecoin issuer licenses in Hong Kong?

AHSBC and AnchorX Financial Technology Limited (a joint venture between Standard Chartered Bank Hong Kong, HKT, and Ant Group).

QWhen did the Hong Kong Monetary Authority (HKMA) announce the issuance of the first stablecoin licenses?

AAt 5 p.m. on April 10th.

QHow many applications did the HKMA receive for the stablecoin issuer license?

AThe HKMA received 36 applications.

QWhat was the name of the regulatory sandbox arrangement launched by the HKMA in March 2024 for stablecoin issuers?

AThe 'stablecoin issuer sandbox arrangement'.

QWhen did Hong Kong's 'Stablecoin Ordinance' officially come into effect?

AThe 'Stablecoin Ordinance' officially came into effect on August 1, 2025.

Пов'язані матеріали

The Impossible Trilemma Is Basically a Pseudo-Problem

The article argues that the core limitation of blockchain technology is not the scalability trilemma, but its fundamental lack of privacy, which acts as a barrier to institutional capital. It defines blockchain as a slow, expensive, shared computer whose primary value is "permissionlessness" (no administrator) and verifiable trust. While this is ideal for native financial assets like stable币, which now process trillions, two critical flaws remain for mainstream adoption: regulatory legitimacy and a default transparency that leaks all financial activity. The author contends that transparency is not a feature but a tax, quantified through MEV extraction, making the public ledger unusable for serious institutions. However, modern cryptography, specifically zero-knowledge proofs, now offers a solution: "provable privacy." This allows users to prove compliance (e.g., solvency, KYC) without revealing underlying data. This fusion of privacy and auditability resolves the transparency-compliant privacy-compliance dichotomy, enabling a purely upgraded system where transactions are verified but not broadcasted. Closing these flaws is presented as the essential bridge to onboard the next wave of trillions in capital.

marsbit6 год тому

The Impossible Trilemma Is Basically a Pseudo-Problem

marsbit6 год тому

The "Impossible Triad" Is Fundamentally a Pseudo-Problem

The article argues that blockchain's fundamental limitation is not the scalability trilemma (decentralization, scalability, security), which has been largely solved, but the lack of **privacy** and, until recently, clear **legitimacy**. Blockchain is described as a slow, expensive, globally shared computer whose core value is censorship resistance and verifiability. While ideal for native digital assets like money (e.g., stablecoins), its default transparency acts as a **tax**, exposing all transactions and enabling MEV extraction, which deters serious institutional capital. Simultaneously, its permissionless nature created regulatory ambiguity. The piece contends that **privacy** is the missing critical feature. It rejects the false choice between total transparency and complete anonymity. Modern cryptography (like zero-knowledge proofs) enables **compliant privacy**: users can prove facts (solvency, KYC status, compliance) without revealing the underlying sensitive data (specific holdings, identities). This preserves auditability for regulators and eliminates the leak of financial information. With recent regulatory progress (e.g., the GENIUS Act) addressing legitimacy, adding default, provably compliant privacy becomes a pure upgrade. It transforms blockchain from a costly, public ledger into a confidential settlement layer, finally bridging the gap to mainstream institutional and individual adoption of on-chain finance.

链捕手6 год тому

The "Impossible Triad" Is Fundamentally a Pseudo-Problem

链捕手6 год тому

Optical Chips: Collective Capacity Expansion

The global optical chip industry is experiencing a massive wave of expansion driven by surging AI data center demand. Major players across the US, Japan, Europe, and China are aggressively investing to ramp up production capacity. In the US, Coherent is expanding its 6-inch Indium Phosphide (InP) semiconductor fab in Texas, supported by CHIPS Act funding and a $2 billion strategic investment from NVIDIA. Lumentum is building a new factory for InP optical devices, and Nokia is scaling its advanced photonic chip packaging and testing capabilities. NVIDIA's investments aim to secure future supply of critical lasers and optical interconnect products for AI infrastructure. Japan's JX Advanced Metals, a leading InP substrate supplier, plans a multi-billion yen investment to increase its capacity 7-10 times, strengthening its grip on the crucial upstream materials market. In Europe, IQE and Tower Semiconductor settled a patent dispute and signed a multi-year InP epitaxial wafer supply agreement, highlighting that next-generation silicon photonics platforms will integrate high-performance InP components. STMicroelectronics and Sivers Semiconductors are also expanding silicon photonics production and partnerships. China is rapidly building out its domestic supply chain. Dongshan Precision's subsidiary, Source Photonics, announced a $12 billion project to expand optical chip and module production. Companies like Sanan Optoelectronics and Yunnan Germanium are scaling up InP chip manufacturing and substrate production, moving towards vertical integration from materials to modules. While debate continues around the exact future architecture—whether CPO (Co-Packaged Optics), NPO, or pluggables will dominate—analysts like Morgan Stanley argue the underlying driver is unchangeable: the explosive growth in bandwidth demand. This will inevitably increase the volume of optical engines, lasers, and related content per GPU, regardless of the final technical path. The competition for "more light" in the AI era has intensified into a global, full-chain capacity race.

marsbit8 год тому

Optical Chips: Collective Capacity Expansion

marsbit8 год тому

Stablecoins Finally Find Real Yield: An In-Depth Look at On-Chain Reinsurance Re | A Conversation with Re Founder Karan Saroya

Stablecoin Real Yield Found: A Deep Dive into On-Chain Reinsurance with Re's Karan Saroya As stablecoin supply exceeds $170 billion, the search for sustainable, non-speculative yield intensifies. Re, an on-chain reinsurance platform, provides an answer: connecting stablecoin capital to the trillion-dollar traditional reinsurance market. Re operates as a regulated reinsurer, accepting stablecoin deposits as collateral to back US insurance companies. These insurers pay premiums, generating yield that flows back to on-chain depositors. Currently supporting 35 insurers and underwriting $500 million, Re projects scaling to over $1 billion soon. Key insights from a Bankless podcast with founder Karan Saroya and investor Avichal of Electric Capital: 1. **Uncorrelated, Real-World Yield:** Re offers stablecoin holders access to reinsurance returns (targeting 12-14%+), an asset class entirely separate from crypto or equity markets. 2. **Operational Efficiency via Smart Contracts:** Re replaces traditional, labor-intensive capital fundraising with smart contracts, allowing a ~12-person team to compete with industry giants. 3. **Regulatory Leverage:** For every $1 of collateral, regulations allow backing $5-7 in written premiums. This leverage amplifies returns from the underlying risk-free rate. 4. **DeFi Integration:** Depositors receive receipt tokens, which can be used in protocols like Morpho for "looping," potentially pushing yields to 18-20%+. 5. **The "DeFi Mullet" Model:** A compliant front-end (regulated reinsurer) paired with a decentralized back-end (smart contracts, DeFi capital markets). 6. **RE Governance Token:** Modeled on Lloyd's of London, the token governs the central capital pool's allocation, counterparty acceptance, and parameters. 7. **Real Economic Impact:** Capital funds real-world productivity (factories, clinics, businesses) via insurance, moving beyond crypto's internal loops. The discussion highlights a pivotal moment: DeFi's supply-side infrastructure is now met by real demand for productive yield, potentially kickstarting a flywheel where vast on-chain stablecoin capital seeks these real-world returns.

链捕手9 год тому

Stablecoins Finally Find Real Yield: An In-Depth Look at On-Chain Reinsurance Re | A Conversation with Re Founder Karan Saroya

链捕手9 год тому

1996 or 1999? Walsh's First Test is 'How to View AI'

"1996 or 1999? Wall's First Big Test Is 'How to View AI'" Federal Reserve Chairman Wall's initial challenge is not whether to raise or cut rates, but a more fundamental judgment: what kind of boom is the current AI boom? This will determine the Fed's policy path and define his legacy. Economics is split between two opposing views, according to reporter Nick Timiraos. One sees imminent productivity gains that will increase supply and cool inflation, allowing the Fed to hold steady. The other argues that while productivity benefits are distant, demand shocks are here now, and waiting for data confirmation risks missing the intervention window, forcing sharper rate hikes later. Wall has signaled a leaning toward the first view, echoing 1996-era Alan Greenspan, who embraced strong, productivity-driven growth without fear of inflation. However, Wall faces a different macro environment than Greenspan did, with tariff pressures, expanding fiscal deficits, and diminishing globalization benefits, which could force more significant inflation pressures even if AI benefits materialize. Wall's logic, expressed before taking office, is that AI-driven productivity gains won't show in official data for years. If the Fed waits for confirmation, it might mistakenly tighten policy and choke off the very growth that could suppress inflation. This argues for using forward-looking narratives over lagging data. Chicago Fed President Austan Goolsbee presents a key counter-argument. He distinguishes between expected and unexpected productivity booms. A widely anticipated boom, like the current AI wave, can cause people to spend future wealth gains in advance, overheating the economy before productivity actually rises, thus requiring preemptive rate hikes. He cites rising costs for AI data centers as evidence of such overheating. Fed Governor Christopher Waller offers a rebuttal to Goolsbee, noting the "expected spending" mechanism only works if people can borrow against future income, which many households cannot do due to borrowing constraints. Wall also faces a paradox related to his desire to reduce the Fed's use of "forward guidance" (pre-announcing policy moves). This practice was established in 1999 when Greenspan began signaling hikes to avoid market shocks. If the economy follows a less optimistic path, Wall may be forced to choose between using the guidance he wants to abolish or risking market volatility by staying silent. The ultimate question defining Wall's first major test remains: Is this 1996 or 1999?

marsbit10 год тому

1996 or 1999? Walsh's First Test is 'How to View AI'

marsbit10 год тому

Торгівля

Спот

Ф'ючерси