title: Hong Kong — Stablecoins & Digital Money | World Payments Monitor canonical: https://payments.gi/jurisdictions/hong-kong/w2/ publisher: Asymmetric Intelligence ### W2 Stablecoins & Digital Money Confirmed confirmed 2026-06-23 Hong Kong's Stablecoins Ordinance (Cap. 656) has been in force since 1 August 2025; HKMA moved from framework to execution, granting its first two issuer licences (HSBC; Anchorpoint Financial) on 10 April 2026 out of 36 applicants. Horizon · 2026-H2 (± six months) HSBC PayMe-integrated HKD stablecoin launch (FRS02)_Adopted, not yet in force · Tier 3 source_ Horizon · 2026-Q2 (± a quarter) Anchorpoint Financial phased HKDAP stablecoin rollout (FRS01)_Adopted, not yet in force · Tier 3 source_ Horizon · 2026-Q4 (± a quarter) HKMA CBDC settlement / 24-7 operations under EnsembleTX_Proposed · Tier 1 source_ Standing sub-brief · as of 4 July 2026 245 words · last cycle 2026-06-28 #### Stablecoins & Digital Money The Stablecoins Ordinance (Cap. 656) commenced 1 August 2025, making issuance of fiat-referenced stablecoins (FRS) a licensed activity supervised by the HKMA. Core requirements are HK$25m paid-up capital, 100% over-collateralised backing in segregated high-quality liquid reserves, par-value redemption within one business day, and an AML/CFT guideline. HKD-referenced FRS are caught even when issued outside Hong Kong, while bank deposits, securities, SVF balances and CBDCs are excluded. Unlicensed activity risks fines up to HK$5m and seven years' imprisonment. This is a dedicated, in-force FRS regime distinct from MiCA's EMT/ART categories and is one of the first comprehensive standalone stablecoin frameworks in APAC. The holder's absolute right to redeem at par within one business day, backed by segregated high-quality liquid reserves, is the central protection. On 10 April 2026 the HKMA granted the first two stablecoin issuer licences — FRS01 to Anchorpoint Financial, the Standard Chartered-led JV, and FRS02 to HSBC — from 36 applications, a c.5.6% approval rate that reflects a cautious, reserve-focused approach. Both first licensees are bank-backed, setting the competitive baseline for the regulated market. The regime spans both bank and non-bank issuers in principle, but the inaugural round admitted bank PSPs only. #### Outlook The stablecoin trajectory is escalating: framework in force plus first licences granted. Product launches follow — an HSBC PayMe-integrated HKD coin in H2 2026 and an Anchorpoint HKDAP rollout from Q2 2026. The extraterritorial reach over HKD-referenced FRS will continue to shape global HKD-stablecoin issuance strategy. no periodic updates on record for this sub-brief ** Sources and findings (4)** 1. T1 [https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stablecoin-issuers/](https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stablecoin-issuers/) retrieved 2026-06-23 2. T1 HKMA — Stablecoins Ordinance (eff. 1 Aug 2025; LegCo 21 May 2025); FRS licensing (hkma.gov.hk) 3. T1 SFC — VATP licensing under SFO Cap.571 & AMLO Cap.615 (sfc.hk) 4. T1 HKMA — Stablecoins Ordinance: first FRS licences; HK$25m capital, reserve/redemption (hkma.gov.hk)