#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 officially issued the first batch of stablecoin issuer licenses today (April 10), with HSBC and Anchor Financial Tech taking the lead; the licenses are effective immediately. This is the world's first complete "legislation—licensing—operation" closed-loop milestone in stablecoin regulation, officially establishing Hong Kong as the compliance hub for digital finance in Asia.
1. Official authoritative release: the first 2 licenses, 36 choose 2, the strictest in the world
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 must 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 apply innovative technology while properly safeguarding user rights and controlling risks, promoting the 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 bank-level compliance and risk control
【Stablecoin positioning】
• Pegged to HKD, focusing on institutional and bank-level compliant payments and settlements
• Relying on existing tokenized deposit capabilities to enable seamless migration from traditional accounts to on-chain stablecoins for enterprises
【Core advantages】
• Top-tier global custody and clearing network, bank-level AML/CFT systems
• 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 around 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 formed by Standard Chartered Bank (Hong Kong), Hong Kong Telecom (HKT), and Animoca Brands
【Stablecoin positioning】
• Pegged to HKD, building an integrated ecosystem of finance + retail + Web3
• Connecting offline payments, cross-border settlements, gaming/NFT/Web3 payment 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 around August–September 2026
• Initial use cases: Standard Chartered enterprise clients, HKT offline merchants, Animoca ecosystem platforms
3. The world’s strictest regulatory threshold: understanding Hong Kong’s stablecoin compliance bottom line in one article
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 face 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, non-collateralized stablecoins, interest-bearing stablecoins
• Limited to fiat-pegged, used for payments and settlements, strictly forbidden for speculation
• Full anti-money laundering/anti-terrorist financing procedures, same standards as traditional banks
4. Milestone significance: Hong Kong leads globally, reshaping the digital financial 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 regulatory system, providing a replicable compliance model worldwide.
2. Asian hub: consolidating the international financial center status
• Connecting traditional finance—blockchain—real economy compliance channels
• Attracting global institutions and capital to Hong Kong, promoting 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 and sustainable development.
5. Market impact and future outlook
1. Short-term impact
• Hong Kong stock stablecoin-related sectors surged collectively this 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, and efficient on-chain payment options
2. Mid- to long-term trends
• Mid–late 2026: first HKD stablecoins officially launched, B2B first, C-end gradually open
• End of 2026–2027: HKMA will 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 reminder
HKMA reminds the public: beware of any fraud related to licensed entities or their stablecoins. If in doubt, check the list of licensed institutions on the HKMA official website, and do not trust unofficial sources.
Conclusion
Hong Kong’s first stablecoin licenses mark 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.