Key Highlights
- Hong Kong will only allow a very small number of stablecoin issuers, with just two licenses issued so far out of 36 applications.
- The HKMA will wait to see how the first stablecoins perform before approving any more, using a “test first, expand later” approach.
- All issuers must pass strict checks and even foreign regulator approval before they can launch.
Hong Kong is taking a cautious approach to stablecoins, with only a small number of companies expected to receive approval under its new licensing system.
According to local reports, the Hong Kong Monetary Authority (HKMA), led by Chief Executive Eddie Yue, confirmed on May 5, 2026, that the city will continue a gradual rollout after the city issued its first two stablecoin licenses under the Stablecoins Ordinance, which took effect in August 2025.
Small entry, tight gatekeeping
So far, about 36 companies have applied for a stablecoin license, but only two were approved in the first round: Anchorpoint Financial and a group made up of Standard Chartered Hong Kong, Hong Kong Telecom, and Ant Group.
HSBC is also involved, following its plans to launch a Hong Kong dollar-backed stablecoin that will connect to its mobile banking app and PayMe system, which already has over 3.3 million users. However, even these approved firms cannot launch freely. They must first pass system checks, as well as risk checks, staff checks, and outside reviews before going live.
The HKMA said future approvals will depend on how these first issuers perform once they go live, with Eddie Yue noting that the authority will first observe real market behavior before expanding the number of licenses.
He explained that the authority will compare real risks with what was expected on paper. Only after that will new applications be considered. He also made it clear that even if more licenses are given later, the total number will still stay very small.
Building rules while learning globally
HKMA Deputy Chief Executive Daryl Chan added that companies must do a lot of preparation work before launching. This includes making sure their systems are strong, their risk controls work properly, and their teams are ready. If a stablecoin is meant to be used across countries, it also needs approval from foreign regulators.
HKMA said the goal is not to flood the market with many issuers. Instead, it wants a small, controlled group that can be closely watched. The idea is to avoid mistakes early and make sure risks do not grow too fast. Even in the future, if more licenses are given, they will still be limited based on market conditions and risk levels.
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