In a financial center long defined by its careful stewardship of trust, Hong Kong's monetary authority this week declined to confirm rumors of a second stablecoin licensing wave, signaling that the city intends to build its digital currency architecture the same way it built its broader reputation — slowly, selectively, and with an eye toward permanence over pace. With only two licenses granted since the formal window opened in early 2026, the HKMA is watching its chosen issuers before inviting others in, a posture that reflects a deeper conviction: that in matters of monetary innovation, disc
Hong Kong Monetary Authority Dampens October Stablecoin License Speculation
Open yet cautious on expanding its roster of approved issuers
Mark
So the HKMA basically said no to the October rumor. What was the market actually expecting?
Mimi
There was speculation that a second batch of licenses would come around National Day in early October. The market was reading the tea leaves, hoping momentum would continue. Instead, the authority said it's taking its time.
Luke
But we should be clear: the HKMA didn't say "never." They said they're open but cautious. That's regulatory language for "we're watching the first two before we move."
Mark
And those first two are HSBC and Anchorpoint. Why those two specifically?
Mimi
Both had advantages. HSBC and Standard Chartered—which is part of Anchorpoint—had already participated in the HKMA's sandbox program. They came in with regulatory readiness and deep institutional relationships.
Luke
Right, and that's worth noting: the sandbox participation gave them a head start. Thirty-six entities applied in the formal round. Only two got licenses. The bar was genuinely high.
Mark
What was the bar, exactly?
Mimi
Eddie Yue, the HKMA chief, said many applications lacked concrete implementation plans and didn't show enough risk awareness. The authority wanted to see real operational detail, not just an idea.
Luke
And we should note: we don't have the full details on why the other thirty-four were rejected. We know the HKMA's stated criteria, but the specific reasons for each rejection aren't public.
Mark
So what happens next? Do we just wait for the second batch?
Mimi
The HKMA says the next real catalyst is when the first HKD stablecoin actually goes live and starts being used in cross-border payments and trade settlement. That's the proof point.
Luke
That's the theory, anyway. We don't yet know how quickly HSBC and Anchorpoint will launch, or how much adoption they'll actually see. The HKMA is betting on quality over speed, but speed matters in crypto markets.
Mark
Does this approach put Hong Kong at a disadvantage against other jurisdictions?
Mimi
Not necessarily. The HKMA is explicitly choosing stability and institutional trust over market share. That appeals to institutional allocators who care about de-pegging risk and AML controls.
Luke
Though we should be honest: we don't have data yet on whether that strategy actually works better. It's a bet, not a proven model.
Der Puls
- Market speculation about a fresh October licensing round was swiftly and deliberately extinguished by the HKMA, signaling that the regulator — not the market — controls the tempo here.
- Of thirty-six applicants who sought entry, only two were deemed ready — HSBC and Anchorpoint Financial — exposing how many hopeful entrants lacked the operational depth and risk awareness the authority demands.
- Crypto-native firms with lighter capital structures face a structurally steeper climb, as the HKMA's model rewards deep ties to traditional finance over digital-native ambition.
- The real tension is not regulatory caution itself, but the gap between licensing and live circulation — no HKD stablecoin has yet entered commercial use, leaving the framework's durability unproven.
- The next true signal will come when the first Hong Kong dollar-referenced token begins settling actual cross-border payments, revealing whether this deliberate architecture is building something lasting or simply postponing a reckoning.
In a financial center long defined by its careful stewardship of trust, Hong Kong's monetary authority this week declined to confirm rumors of a second stablecoin licensing wave, signaling that the city intends to build its digital currency architecture the same way it built its broader reputation — slowly, selectively, and with an eye toward permanence over pace. With only two licenses granted since the formal window opened in early 2026, the HKMA is watching its chosen issuers before inviting others in, a posture that reflects a deeper conviction: that in matters of monetary innovation, discipline is not delay, but design.
Hong Kong's monetary authority moved this week to quiet speculation that a new batch of stablecoin licenses was imminent, telling reporters on August 6, 2026 that it had nothing to announce and would hold to an "open yet cautious" stance on expanding its roster of approved issuers.
The context matters. Hong Kong passed its Stablecoins Ordinance in May 2025, with the law taking effect that August. A formal licensing window opened in March 2026, drawing thirty-six applicants. In April, the HKMA awarded exactly two licenses — one to HSBC, one to Anchorpoint Financial, a consortium of Standard Chartered, HKT, and Animoca Brands — both tasked with building Hong Kong dollar-referenced tokens for cross-border payments and institutional settlement. The authority intends to observe how those two perform before considering anyone else.
The discipline was telegraphed early. HKMA chief executive Eddie Yue had made clear from the outset that the bar would be high, noting that many initial applications lacked concrete operational plans and credible risk awareness. That rigor has not softened now that the first licenses are in hand.
For institutional investors, the measured pace is a feature rather than a flaw. A tightly controlled stablecoin ecosystem carries lower de-pegging risk and stronger anti-money-laundering safeguards. This philosophy was formalized in mid-2025 through the LEAP framework — Legal clarity, Ecosystem expansion, Application development, Professional talent — a structure that enshrines quality over speed as a governing principle.
The practical effect is a structural advantage for applicants with deep roots in traditional finance. HSBC and Standard Chartered were already woven into Hong Kong's banking establishment; crypto-native firms with lighter capital bases face a considerably steeper path. The milestone that will truly test the framework is not a second licensing round — it is the moment the first commercial HKD stablecoin enters circulation and begins settling real transactions. Until then, Hong Kong is building its stablecoin regime exactly as it built its standing as a financial center: methodically, with chosen partners, and without haste.
Hong Kong's monetary authority moved to extinguish market chatter this week about a fresh wave of stablecoin licenses arriving in October. The HKMA told reporters on August 6, 2026 that it had nothing to say about such rumors and would maintain what it called an "open yet cautious" posture on expanding its roster of approved issuers.
The statement carries real weight for anyone tracking how Asia's financial centers are positioning themselves in digital assets. Hong Kong passed the Stablecoins Ordinance in May 2025, and the law took effect that August. By March 2026, the authority had opened a formal licensing window. Thirty-six entities applied. In April, the HKMA handed out exactly two licenses: one to HSBC, the other to Anchorpoint Financial, a consortium built by Standard Chartered, HKT, and Animoca Brands. Both firms are building Hong Kong dollar-referenced tokens aimed at cross-border payments and institutional settlement.
That's where the authority intends to stay for now. The HKMA is focused on getting those two issuers live and watching how they perform before it considers admitting anyone else to the club. Future decisions will turn on application quality, evidence of real market demand, demonstrated use cases, and how international regulators are moving. There is no appetite for rapid scaling.
The discipline reflects a pattern set early. Eddie Yue, the HKMA's chief executive, had signaled from the start that the bar would be high. Many of the initial applicants, he noted, submitted work that lacked concrete operational detail and credible implementation roadmaps. Some showed little awareness of the risks they would be taking on. That rigor has persisted now that the first licenses are out.
For institutional investors, the measured pace is not a setback—it's a feature. A smaller, slower-growing stablecoin ecosystem means lower de-pegging risk and tighter anti-money-laundering controls around any HKD-backed token in circulation. Hong Kong laid out this philosophy in mid-2025 when it introduced the LEAP framework: Legal clarity, Ecosystem expansion, Application development, and Professional talent. The framework signaled that the city's stablecoin regime would always choose quality over speed, secure growth over market share.
That calculus has created a structural advantage for applicants with deep traditional finance partnerships. HSBC and Standard Chartered, both already embedded in Hong Kong's banking establishment, fit the HKMA's model. Crypto-native firms with lighter capital bases face a steeper climb.
The real milestone to watch is not the announcement of a second licensing round. It's the moment when the first commercial HKD stablecoin actually enters circulation and begins settling cross-border payments, trade transactions, and tokenized real-world assets. That will tell investors whether Hong Kong's deliberate approach is building something durable or simply delaying the inevitable. For now, the authority is building its stablecoin regime the way it built its reputation as a financial center: methodically, with carefully chosen partners, and with no rush.
Bemerkenswerte Zitate
Many early applications lacked concrete details and feasible implementation plans and failed to show risk awareness— Eddie Yue, HKMA Chief Executive
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