Hong Kong Set to Grant First Stablecoin Licences to HSBC, Standard Chartered JV, and OSL Group

Hong Kong is on the verge of a landmark regulatory moment, with the Hong Kong Monetary Authority (HKMA) expected to issue its first stablecoin licences as early as next week. Local media reports indicate that HSBC, Anchorpoint — a joint venture between Standard Chartered, Animoca Brands, and Hong Kong Telecommunications — and crypto exchange OSL Group are among the frontrunners for approval.

This development represents the first concrete implementation of Hong Kong's Stablecoin Ordinance, which came into force last August. The HKMA received 36 applications in total and had previously signaled that only a limited number of licences would be granted in the initial round. An earlier candidate pool of roughly five institutions has since been narrowed down to three, with RD Technologies and LianLian Digital reportedly not making the first wave.

Industry analysts note the shortlist skews heavily toward established financial institutions, reflecting the regulator's emphasis on market stability and institutional credibility. Anchorpoint has been the most prominent sandbox participant, testing stablecoin use cases such as cross-border payments, e-commerce transactions, and tokenized asset trading since 2024. Standard Chartered has publicly committed to issuing a Hong Kong dollar-pegged stablecoin through the venture.

OSL Group brings a crypto-native perspective to the group, having recently launched USDGO, a US dollar-denominated stablecoin for institutional investors. HSBC's inclusion surprised many observers, given the bank bypassed the HKMA sandbox entirely, though CEO Georges Elhedery confirmed ongoing dialogue with regulators and expressed optimism about the city's stablecoin potential.

Notably, no mainland Chinese firms appear on the shortlist. Both Ant Group and JD.com paused their Hong Kong stablecoin ambitions last year amid tightening oversight from Beijing, including restrictions on offshore tokenization activities and unauthorized yuan-pegged stablecoin issuance. The broader question of how much latitude Hong Kong holds in this space, relative to mainland policy, continues to shape the industry's outlook.