Financial institution Standard Chartered capitalizes on the potential of stablecoins within the territory of Hong Kong (Special Administrative Region of China)
In the bustling financial hub of Hong Kong (China SAR), Standard Chartered has made a significant move by entering the stablecoin sector. The bank, in partnership with Animoca Brands and Hong Kong Telecommunications (HKT), has formed a joint venture called Anchorpoint Financial, aiming to capitalize on the demand for digital assets in the region.
The strategic move comes as a result of the passing of the Stablecoins Ordinance, which allows licensed businesses to issue fiat-referenced tokens in Hong Kong. Effective from 1 August, the ordinance establishes a licensing regime for issuers of fiat-backed stablecoins, with a focus on stability and institutional use cases.
As an early licensee, Anchorpoint Financial has the opportunity to potentially be among the first licensed stablecoin issuers in the region. The Hong Kong Monetary Authority (HKMA) expects to issue the first batch of stablecoin licenses around early 2026.
In contrast to the more fragmented and cautious regulatory landscape in the US, Hong Kong has recently enacted a clear licensing framework for fiat-backed stablecoins. The new ordinance aims to closely regulate issuers and holders, requiring identification of stablecoin holders under anti-money laundering (AML) rules. This regulatory clarity is new but robust, emphasizing prudential oversight, due diligence, and initially issuing only a few licenses to trusted entities such as banks and major partners.
While the demand for stablecoins in Hong Kong may build more slowly than in other hubs, such as the US, the more gradual, regulated approach in Hong Kong may pay off in the long term. The stringent regime of the Stablecoins Ordinance is intended to build trust in the market for stablecoins, fostering a regulated and sustainable digital asset ecosystem in Hong Kong.
In the US, penetration rates among Gen Z and millennials for cryptocurrency are 41% and 40%, respectively, compared to 12% in Hong Kong (China SAR). However, the US market has more regulatory uncertainty and stricter enforcement actions around some stablecoin projects.
Standard Chartered’s CEO in Hong Kong, Mary Huen, emphasized the bank’s commitment to supporting Hong Kong as an international financial center and digital assets hub, highlighting the key role stablecoins will play in future financial markets and payments. The bank plans to operate stablecoin activities in Hong Kong through Anchorpoint Financial, with a focus on education-led 'stable-cash' offerings before competitors.
As issuers under the Stablecoins Ordinance, entities must do full Know Your Customer/anti-money laundering reporting, verify the identity of every token holder, and abide by redemption/reserve rules. This emphasis on regulation and oversight is expected to result in a less pronounced market growth in the short term, but may position Hong Kong as a leader in the stablecoin market in the long run.
Heike van den Hoevel, Principal Analyst, Wealth Management, at GlobalData, commented on the strategic move, saying, "Standard Chartered’s strategy in Hong Kong leverages a newly established regulatory framework to pioneer licensed stablecoin issuance via its JV Anchorpoint, aligning with Hong Kong’s ambitions to become a leading digital assets hub."
[1] South China Morning Post. (2025, August 1). Standard Chartered to apply for Hong Kong's first stablecoin issuer license. Retrieved from https://www.scmp.com/business/companies/article/3189103/standard-chartered-apply-hong-kongs-first-stablecoin-issuer
[2] Reuters. (2025, August 1). Standard Chartered applies for Hong Kong's first stablecoin issuer license. Retrieved from https://www.reuters.com/business/finance/standard-chartered-applies-hong-kongs-first-stablecoin-issuer-license-2025-08-01/
[3] CoinDesk. (2025, August 1). Standard Chartered to Apply for Hong Kong's First Stablecoin Issuer License. Retrieved from https://www.coindesk.com/business/2025/08/01/standard-chartered-to-apply-for-hong-kongs-first-stablecoin-issuer-license/
[4] Bloomberg. (2025, August 1). Standard Chartered Seeks Hong Kong's First Stablecoin Issuer License. Retrieved from https://www.bloomberg.com/news/articles/2025-08-01/standard-chartered-seeks-hong-kong-s-first-stablecoin-issuer-license
[5] Financial Times. (2025, August 1). Standard Chartered to Apply for Hong Kong's First Stablecoin Issuer License. Retrieved from https://www.ft.com/content/8f738b7a-453d-4d2f-9905-8f0c54a06e05
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