How can HSBC and StanChart-backed stablecoins change HKD payments?

Different target users may determine whether bank-led tokens gain everyday traction.

The Hong Kong Monetary Authority has cleared Hong Kong dollar stablecoins from HSBC Holdings Plc and a joint venture backed by Standard Chartered Bank (Hong Kong) Ltd., signalling a tilt towards bank-led issuance as the city builds a regulated digital asset market.

HSBC said it would roll out a Hong Kong dollar-backed stablecoin in the second half, targeting retail and merchant customers for routine payments and selected tokenised investments.

The tokens will be backed one-to-one by reserve deposits at the Hongkong and Shanghai Banking Corp. Ltd. and distributed through the PayMe app and HSBC HK app.

Anchorpoint Financial Ltd., a joint venture backed by Standard Chartered in Hong Kong, Hong Kong Telecommunications (HKT) Ltd., and Animoca Brands Corp. Ltd., plans to issue its stablecoin this quarter.

Anchorpoint said it would adopt a business-to-business-to-consumer model, working with adoption partners to embed stablecoins into corporate use cases.

The joint venture will also co-develop settlement and distribution frameworks for tokenised assets, placing its stablecoin closer to backend infrastructure than consumer-facing payments.

The contrast points to different bets on how digital money may gain scale in Hong Kong. HSBC is leaning on its retail footprint and merchant network, whilst Anchorpoint is positioning itself as a link between enterprises and end-users.

Hong Kong regulators have framed licensed stablecoins as a pillar of the city’s digital asset strategy. Eddie Yue, chief of the city’s central bank, said regulated issuance could “address pain points in financial and economic activities” whilst supporting risk management and user protection.

Policymakers have argued that tokenised money could expand capital markets and custody activity. A February report by Boston Consulting Group, Hang Seng Bank Ltd., and Aptos Labs HK Ltd. said digital money and tokenised assets could significantly lift the size of Hong Kong’s fund industry.

Financial Secretary Paul Chan said financial institutions held about $14b in digital assets under custody at end-2025—almost triple the amount a year earlier—whilst tokenised deposits reached $29b.

Whether bank-backed stablecoins deliver those gains will hinge on adoption beyond pilots, and on whether established lenders can move faster than fintech rivals in turning regulation into daily use.

Questions to ponder

• How much control will banks retain over stablecoin use and programmability?
• Will tokenised settlement meaningfully reduce costs or just re‑platform existing flows?