Hong Kong is preparing to issue the first stablecoin licenses under the new regulatory framework, marking a significant step forward in the city’s digital asset development strategy. According to local media, three applicants are under consideration for licensing: HSBC, the joint venture Anchorpoint led by Standard Chartered, and OSL Group.
The new stablecoin regulations will take effect from August 2025, allowing the Hong Kong Monetary Authority to license stablecoin issuers. The regulator is said to have received 36 registration applications, which have been narrowed down to about three entities in the initial review process.
Anchorpoint is highly regarded for participating in the regulator’s sandbox since 2024, testing applications such as e-commerce payments and cross-border transactions. Meanwhile, OSL has a “crypto-native” profile, having recently launched the stablecoin USDGO for institutional investors. HSBC’s appearance is surprising, as the bank had not previously participated in the sandbox testing.
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