Hong Kong's Stablecoin License: 36 Applied, Only 2 Approved — Why HSBC and the Standard Chartered Venture Made the Cut, and What the FRS Regime Actually Requires

On April 10, 2026, the Hong Kong Monetary Authority (HKMA) issued the city's first batch of stablecoin issuer licenses — just two of them, going to HSBC (license FRS02) and to Anchorpoint Financial (license FRS01), a joint venture between Standard Chartered Bank (Hong Kong), Hong Kong Telecommunications, and Animoca Brands. The application window had closed back in September 2025 with 36 total...