Hong Kong’s first two stablecoin issuer licenses took effect April 10, 2026, according to the Hong Kong Monetary Authority (HKMA), as the city prepares to expand trials of tokenized settlement.
The authority’s public register names Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited, known as HSBC, as the licensees. The Stablecoins Ordinance has been in force since Aug. 1, 2025, requiring a license to issue fiat-referenced stablecoins in the city. EconoTimes has previously covered HSBC’s RedCoin rollout to PayMe.
The government said in a June 10 reply to the Legislative Council that the HKMA considered 36 applications in the initial round and licensed the two issuers in April. The government says the law is intended to preserve monetary and financial stability, protect stablecoin users and allow innovation that supports the economy and financial markets.
At Hong Kong FinTech Week on Monday, Nov. 2, the HKMA outlined progress on EnsembleTX. The pilot supports round-the-clock interbank settlement of tokenized-deposit transactions using tokenized central bank money. The HKMA described that as its current settlement capability, while regulated stablecoins are planned for a later stage.
The regulator said it plans to add regulated stablecoins to a future phase soon, but gave no date for that step. It also said Recognised Dealers completed secondary-market test trades in tokenized Exchange Fund Bills.
The licensing framework and EnsembleTX address separate parts of the market: the licenses govern stablecoin issuance, while the pilot concerns interbank settlement. The HKMA has cited local and cross-border payments, along with tokenized-asset trading, as potential uses for regulated Hong Kong dollar stablecoins.
The HKMA says expanded settlement capacity may create opportunities for banks and clients in fund allocation, tokenized-asset portfolio management and treasury operations. The HKMA launched Project Ensemble in March 2024 and its EnsembleTX pilot in November 2025.
