What to know:
- Hong Kong will keep stablecoin licenses highly limited under its new HKMA framework.
- Only two of 36 firms won approval as Hong Kong began its stablecoin regime.
- Future approvals will depend on market risks, reviews, and issuer performance checks.
Hong Kong will keep a tight grip on stablecoins as it rolls out its new licensing regime for digital issuers. Regulators expect only a few firms to win approval, even after the city opened a formal path for approved issuers.
According to local reports, the Hong Kong Monetary Authority (HKMA) confirmed the policy on May 5, 2026. Chief Executive Eddie Yue said the city would continue with a gradual launch under the Stablecoins Ordinance, which took effect in August 2025.
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HKMA Approves Only Two Stablecoins License Applicants
The initial round demonstrated the extent to which the entry point is limited. Approximately 36 companies have made an application for a license, of which only two were approved by the authority.
Anchorpoint Financial received one license. The other went to a consortium created by Standard Chartered Hong Kong, Hong Kong Telecom, and Ant Group.
HSBC is also part of the wider stablecoins push. The bank has now decided to issue a Hong Kong dollar-based token pegged to its mobile banking app and PayMe, which has over 3.3 million users.
Approval does not permit the immediate launch. Even licensed companies will not be allowed to commence operations before passing system checks, risk reviews, and staff and outside inspections.
The HKMA opined that the decision in the future will be based on the first issuers. Yue said that the regulator will monitor the performance of the products in the live market environment before it increases the list.
Future Stablecoins Licenses Depend on Risk Reviews
According to him, the authority will make comparisons between actual risks and previous forecasts. No new applications will be taken into account until after such review, and the number of licenses will be relatively small.
Deputy Chief Executive Daryl Chan stated that issuers need to accomplish significant preparation prior to going live. Their systems should be able to withstand, their controls should be functioning, and their teams should be prepared.
Chan also pointed out that cross-border use would require the permission of foreign regulators. The latter is the case when a stablecoin is to be used outside of Hong Kong.
The HKMA indicated that it does not intend to saturate the market with a large number of issuers. It wants a limited group that can be watched closely during the early stage.
The controlled model is supposed to minimize early errors in this stage, the officials said. Any future licenses that are issued will be conditional based on market conditions, risk levels, and the track record of the first approved issuers.
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