Hong Kong issues first stablecoin licenses to major firms
6.6 Stablecoins Hong Kong issued its first stablecoin licenses to HSBC, a Standard Chartered-led group, and OSL, requiring strict 1:1 reserves. This marks a cautious but major step in digital asset regulation.
The Hong Kong Monetary Authority (HKMA) has issued its first stablecoin licenses, marking a significant milestone in the city's digital asset regulation. After reviewing 36 applications, licenses were granted to HSBC, a consortium led by Standard Chartered (including Anchorpoint Financial and Animoca Brands), and OSL. These licenses, issued under the Stablecoins Ordinance effective August 2025, require issuers to maintain 1:1 reserves in high-quality liquid assets, segregated from company funds. This framework positions Hong Kong as Asia’s first major jurisdiction with a comprehensive stablecoin licensing regime. Licensed firms can issue stablecoins pegged to the Hong Kong dollar and facilitate cross-border payments. The HKMA is taking a cautious approach, limiting the initial batch to two or three licenses to ensure strong regulatory standards. The licensees plan to launch operations soon, aiming to bridge traditional finance and digital assets while supporting Hong Kong’s digital economy.
