Hong Kong Monetary Authority officially announces a clear timetable for the launch of the first batch of stablecoins for the first time

Article: BLack

On May 4, Yu Weiwen Clarifies the First Batch of Stablecoin Launch Schedule Details

On May 4, 2026, Hong Kong Monetary Authority Chief Executive Yu Weiwen attended the Legislative Council Financial Services Committee meeting, where he delivered a significant response on core topics such as the progress of Hong Kong stablecoin regulation and market implementation. For the first time in a public legislative setting, he officially and clearly announced the specific launch schedule for Hong Kong’s first compliant stablecoins, marking a crucial step for Hong Kong’s compliant stablecoin market from regulatory approval to actual market deployment, and sending a clear policy signal to the global digital finance industry.

During the meeting, Yu Weiwen further disclosed the product deployment plans of the two licensed institutions following the issuance of the first stablecoin issuer licenses by the HKMA on April 10. He explicitly stated that the licensed institutions, AnchorPoint Financial Technology Limited and Hong Kong Shanghai HSBC Bank Limited, will launch compliant Hong Kong dollar stablecoins in phases and batches: AnchorPoint Financial Technology plans to initially issue a Hong Kong dollar-pegged compliant stablecoin “HKDAP” in the second quarter of 2026; HSBC will officially launch its Hong Kong dollar stablecoin in the second half of 2026. The first regulated stablecoins in Hong Kong are thus scheduled to gradually come to market from mid-2026 to the second half of the year.

Yu Weiwen explained in detail that before the formal launch, both licensed institutions still need to complete a series of rigorous preparations, including comprehensive testing of technology platforms and trading systems, implementation of full-process risk management measures, professional operational staffing, and the construction of compliance process closed-loops. The HKMA will oversee the entire preparation process to ensure the stablecoins operate safely and smoothly after launch. He emphasized that the deployment of the first batch of stablecoins will always adhere to the core principle of “steady start,” with all efforts focused on preventing financial risks and protecting user rights, avoiding market speculation, and strengthening the security foundation for Hong Kong’s digital financial development.

Regarding regulatory approach and future plans, Yu Weiwen further responded to inquiries from Legislative Council members, stating that Hong Kong’s stablecoin regulation always maintains a cautious and open attitude. The issuance of only two licenses in the first batch is to strictly control market entry thresholds and select high-quality institutions with strong capital, mature risk control systems, and clear application scenarios. The announced schedule is not only a formal response to market expectations but also a pragmatic measure by the HKMA to steadily promote digital financial innovation. He also clearly stated that after the first batch of stablecoins is officially launched and market operation assessments are completed, the HKMA will consider whether to issue additional stablecoin licenses. Future license issuance will continue to maintain high thresholds, with a limited overall number, to prevent malicious market competition and ensure sustainable industry development.

From the product application perspective, the stablecoins launched by the two institutions focus on real economy needs, with different emphases. AnchorPoint Financial Technology will adopt a B2B2C business model, leveraging partner distribution channels to promote stablecoin deployment in cross-border payments and local retail payment scenarios; HSBC will seamlessly integrate its Hong Kong dollar stablecoin into two mainstream digital platforms, PayMe and HSBC’s Wealth Management App, covering daily personal payments, merchant settlements, and tokenized asset trading. They also pledge to back the stablecoins with sufficient high-quality liquid assets and strictly adhere to the highest compliance standards such as anti-money laundering and customer identity verification.

This is the first time Yu Weiwen has explicitly announced the stablecoin deployment schedule in the Legislative Council, which not only provides clear timing milestones for Hong Kong’s stablecoin market development but also further consolidates Hong Kong’s position as a global digital financial hub. Since the “Stablecoin Ordinance” came into effect in 2025, Hong Kong has built a leading global stablecoin regulatory framework. The announcement of this schedule completes the critical loop from regulatory rulemaking to actual market implementation, building a compliant bridge for the integration of traditional finance and digital assets, and offering a “Hong Kong solution” for global stablecoin regulation and development. This will help Hong Kong seize opportunities in the competitive global digital finance landscape.