Hong Kong’s First Stablecoin Licence List Is Here

Hong Kong is preparing to issue its first stablecoin licences. HSBC, Anchorpoint — a joint venture led by Standard Chartered — and OSL Group are among the three shortlisted recipients, according to local media reports.

The approvals would mark Hong Kong’s first concrete step in licensing stablecoin issuers under its Stablecoin Ordinance, which took effect last August.

A regulatory milestone — with caveats

The names first appeared in a report by Hong Kong’s Sing Tao Daily on Wednesday. The HKMA is expected to make the announcement as early as next week. China’s Two Sessions parliamentary meetings conclude on Friday, clearing the way for the announcement. Sources cautioned that the list remains subject to change. All three companies and the HKMA declined to comment.

The HKMA received 36 applications and signaled last month that a small number of licences would be granted this month. Sources said the initial candidate pool included approximately five institutions, later narrowed to three. Among those no longer expected in the first wave are RD Technologies — founded by former HKMA CEO Norman Chan Tak-lam — and digital payments firm LianLian Digital.

Industry observers said the list was likely to remain bank-heavy. Stringent oversight of note-issuing banks and the need for market confidence were cited as key factors. “The final list will very likely be dominated by banks to ensure stability,” one industry participant said.

Sandbox veteran, crypto native, and a surprise entry

Anchorpoint — formed by Standard Chartered, Animoca Brands, and Hong Kong Telecommunications in early 2025 — has been the most active sandbox participant. The joint venture has tested use cases for stablecoins within the HKMA sandbox since 2024. Use cases include e-commerce payments, cross-border settlements, and tokenized asset trading. Standard Chartered has publicly stated plans to issue a Hong Kong dollar-pegged stablecoin.

OSL Group adds a crypto-native dimension to the cohort. Last month, the company launched USDGO, a US dollar-denominated institutional stablecoin for professional investors. Whether OSL will issue a separate HKD-pegged stablecoin under the new licence remains publicly unconfirmed.

HSBC’s potential inclusion surprised many industry observers. Hong Kong’s largest bank by assets skipped the HKMA sandbox entirely. It had focused instead on tokenized deposit projects. CEO Georges Elhedery said earlier this month that HSBC viewed Hong Kong’s stablecoin market positively. He added that the bank had been in active communication with the HKMA.

No mainland firms — and Beijing’s shadow looms

Notably absent from the shortlist are mainland Chinese technology companies. Ant Group and JD.com both suspended Hong Kong stablecoin plans last year. Beijing banned onshore tokenization of real-world assets last month. It also tightened scrutiny of offshore activities and barred the issuance of unauthorized yuan-pegged stablecoins.

Whether Chinese-affiliated institutions will eventually receive a green light remains opaque by design. Back-channel conversations between Beijing and Hong Kong almost certainly govern how far the city can go, according to Jason Atkins, Chief Commercial Officer at Hong Kong-based market-making firm Auros. “We read what they want us to read,” he told BeInCrypto last week.