#Gate广场四月发帖挑战 Milestone! Hong Kong officially issues the first batch of stablecoin licenses

#Gate广场四月发帖挑战 Milestone! Hong Kong officially issues the first batch of stablecoin licenses

【Headline】 The Hong Kong Monetary Authority (HKMA) officially issues the first batch of stablecoin issuer licenses today (April 10), with HSBC and Anchor Financial Tech taking the lead, and the licenses taking effect immediately. This is the world's first complete "legislation—licensing—operation" closed-loop milestone in stablecoin regulation, officially establishing Hong Kong as a compliant digital finance hub in Asia.
1. Official authoritative release: first 2 licenses, 36 choose 2, the strictest globally

1. Licensing core information

• Licensing authority: Hong Kong Monetary Authority (HKMA)

• Legal basis: "Stablecoin Ordinance" (effective August 1, 2025)

• Total applications received: 36, with only 2 licenses issued in the first batch, less than 6% approval rate

• License effective date: from April 10, 2026, 00:00, officially qualified for compliant issuance

• Business launch: both institutions need to complete system testing, risk control implementation, personnel deployment, expected to go live gradually from mid to late 2026

2. HKMA official statement

HKMA Chief Executive Eddie Yue said: “Issuing stablecoin issuer licenses is an important milestone in Hong Kong’s digital asset development. The regulatory system provides an orderly operating environment, allowing issuers to innovate with technology while properly safeguarding user rights and controlling risks, promoting healthy and sustainable development of Hong Kong’s stablecoin ecosystem.”

2. In-depth analysis of the first licensed institutions: two giants, differentiated strategies

🏦 1. Hong Kong Shanghai HSBC Bank (HSBC)

【Background】 A top global bank, one of Hong Kong’s note-issuing banks, a benchmark for banking compliance and risk control
【Stablecoin positioning】

• Pegged to the Hong Kong dollar (HKD), focusing on institutional and banking-level compliant payments and settlements

• Relying on existing tokenized deposit capabilities to enable seamless transfer from traditional accounts to on-chain stablecoins for enterprises
【Core advantages】

• World-class custody and clearing network, bank-level anti-money laundering (AML/CFT) system

• 100% full reserves, independent custody, T+0 redemption, daily disclosures, weekly audits
【Business timeline】

• April–June: system testing, risk control implementation, personnel deployment

• Expected to go live in June–July 2026

• Initial use cases: B2B enterprise settlements, cross-border payments, interbank clearing

🤝 2. Anchor Financial Tech Co., Ltd. (Anchor Financial Tech)

【Background】 A joint venture: Standard Chartered Bank (Hong Kong) + Hong Kong Telecom (HKT) + Animoca Brands
【Stablecoin positioning】

• Pegged to the Hong Kong dollar (HKD), building an integrated ecosystem of finance + retail + Web3

• Connecting offline payments, cross-border settlements, gaming/NFT/Web3 payments across all scenarios
【Core advantages】

• Standard Chartered’s financial risk control + HKT’s local retail payment network + Animoca’s Web3 ecosystem resources

• Dual-track design: targeting small-value C-end payments and B-end enterprise settlements
【Business timeline】

• April–July: system integration, scenario testing, merchant onboarding

• Expected to go live in August–September 2026

• Initial use cases: Standard Chartered enterprise clients, HKT offline merchants, Animoca ecosystem platforms

3. The strictest global regulatory threshold: understanding Hong Kong’s stablecoin compliance bottom line

1. Capital and entity requirements

• Must be a Hong Kong-registered entity, core team based in Hong Kong

• Paid-up capital ≥ HKD 25 million (or 1% of circulating value, whichever is higher)

• Working capital ≥ HKD 3 million to handle operational emergencies

2. Reserve and security principles

• 100% full reserves: limited to cash, short-term high-rated government bonds, bank deposits, and other high-quality liquid assets

• Reserve assets must be independently held, completely segregated from issuer’s own funds

• Monthly third-party audits, daily reserve disclosures, unconditional T+0 redemption

3. Product and operational restrictions

• Strictly prohibited: algorithmic stablecoins, collateralized stablecoins without backing, interest-bearing stablecoins

• Limited to fiat-pegged, used for payments and settlements, strictly forbidden for speculation

• Full anti-money laundering/anti-terror financing procedures, same standards as traditional banks

4. Milestone significance: Hong Kong leads globally, reshaping the digital finance landscape

1. Global first: full closed-loop regulation implementation

Hong Kong becomes the world’s first to complete a "legislation—licensing—operation" full-process stablecoin regulation system, providing a replicable compliance model worldwide.

2. Asian hub: consolidating international financial center status

• Connecting traditional finance—blockchain—real economy compliance channels

• Attracting global institutions and capital to Hong Kong, driving cross-border payments, tokenized assets, and Web3 ecosystem explosion

• Reserving space for offshore RMB stablecoins, supporting RMB internationalization

3. Market signal: compliance first, quality prioritized

Only 2 licenses issued in the first batch, conveying a regulatory focus on "prudence and quality first," rejecting "wild growth," and guiding the industry toward healthy, sustainable development.

5. Market impact and future outlook

1. Short-term impact

• Hong Kong stock stablecoin-related sectors surged in the afternoon, with capital accelerating into compliant tracks

• Unlicensed institutions will accelerate compliance rectification or seek cooperation with licensed entities

• Enterprises and users will gain safer, compliant, efficient on-chain payment options

2. Medium- to long-term trends

• Mid–late 2026: first Hong Kong dollar stablecoins officially launched, B2B first, C2C gradually open

• End of 2026–2027: HKMA to gradually issue the second batch of licenses, further improving the market ecosystem

• Hong Kong is expected to become the world’s largest compliant stablecoin issuance and trading center, leading the new era of digital finance

6. Risk warning

HKMA reminds the public: beware of any fraudulent activities claiming association with licensed institutions or their stablecoins. If in doubt, check the list of licensed institutions on the HKMA official website, and do not trust unofficial sources.

Conclusion

The landing of Hong Kong’s first stablecoin licenses marks the transition of digital finance from “wild growth” to “compliant development.” As the world’s first full closed-loop regulation model, Hong Kong is building a “safe harbor” and “innovation high ground” for digital finance in Asia and globally with high standards and strict requirements.