The Hong Kong Monetary Authority (HKMA), Hong Kong’s primary banking regulator, has issued its first stablecoin issuer licenses to the Hongkong and Shanghai Banking Corporation (HSBC) and Anchorpoint Financial Limited, in line with the city’s new stablecoin framework.

 

The licenses, which were granted on April 10, represent the first batch issued under Hong Kong’s Stablecoins Ordinance framework. The process was competitive, involving 36 applicants, with selections based on several factors, including risk management, credible use cases, and compliance readiness.

 

With these licenses granted, HSBC, one of Hong Kong’s largest and oldest banks, and Anchorpoint Financial Limited, a joint financial venture led by Standard Chartered Bank, Hong Kong Telecommunications (HKT), and Animoca Brands, are now a step closer to achieving their stablecoin plans.

 

HSBC plans to launch a Hong Kong dollar-denominated stablecoin by the second half of 2026. The stablecoin will maintain a one-to-one peg with the Hong Kong dollar and will be backed by high-quality liquid assets held in segregated accounts. It will also be integrated into two of HSBC’s consumer applications, the PayMe app, which already has more than 3.3 million users, and the HSBC HK Mobile Banking app.

 

With this integration, HSBC users will be able to perform peer-to-peer transfers and peer-to-merchant payments using the Hong Kong dollar-backed stablecoin directly within HSBC applications.

 

Anchorpoint Financial Limited also plans to launch a Hong Kong dollar-pegged stablecoin, with its first rollout expected this quarter. While the stablecoin is intended to support the digital economy, including cross-border and local payments, Anchorpoint’s initial focus will be on institutional investors and business partners, with retail users to follow at a later stage.

 

With this first batch of stablecoin issuer licenses and additional approvals underway, the Hong Kong Monetary Authority aims to address financial challenges in Hong Kong and support the development of the city’s digital asset industry.

 

“The granting of stablecoin issuer licenses is an important milestone for the development of digital assets in Hong Kong. We look forward to the issuers launching their businesses according to their plans, exploring growth opportunities while properly managing risks,” said Eddie Yue, Chief Executive of the HKMA. “We hope their promotion of regulated stablecoins will address pain points in financial and economic activities, create value for both individuals and businesses, and support the healthy development of digital assets in Hong Kong.”

 

Hong Kong Stablecoin Ordinance

The Hong Kong Stablecoin Ordinance is a regulatory framework passed into law by Hong Kong's Legislative Council in August 2025. The framework establishes a comprehensive licensing and supervisory regime specifically for fiat-backed stablecoins.

 

Under this framework, the Hong Kong Monetary Authority sets standards for stablecoin issuers seeking licenses in the jurisdiction. These include requirements related to financial resources, reserve assets, risk management, and anti-money laundering and counter-financing of terrorism compliance, among others.

 

Although Hong Kong’s stablecoin regime is considered one of the strictest in the world, it is designed to promote trust and support the long term adoption of stablecoins rather than allow unregulated growth that could ultimately lead to systemic risks.

 

Hong Kong Approves Solana Spot ETF, Beating U.S. to the Milestone

 

Hong Kong’s financial regulator has given the go-ahead to the region’s first spot exchange-traded fund (ETF) that directly holds Solana (SOL) tokens. This approval puts Hong Kong ahead of the U.S. in offering a spot Solana ETF and signals a major shift in crypto investment products in Asia.

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Key Details of the Approval

The ETF is being launched by ChinaAMC (Hong Kong) (China Asset Management’s Hong Kong arm) and is expected to begin trading on the Hong Kong Stock Exchange (HKEX) around October 27, 2025. Each unit of the fund will consist of 100 shares and investors can enter with a minimum investment near US$100 (or the equivalent in HKD). The fund will trade in HKD, USD and RMB. It carries a total expense ratio of approximately 1.99 % per annum.

With this product, Solana becomes the third major crypto token — after Bitcoin and Ethereum — to obtain a regulated spot-ETF listing in Hong Kong.

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Why This Matters

Regulatory Leadership & Timing

By approving this Solana spot product before a U.S. market listing, Hong Kong reinforces its ambition to be a leading global digital-asset hub. The approval comes in the context of Hong Kong already having launched spot Bitcoin and Ethereum ETFs and opening spot crypto trading for retail investors on licensed platforms.

Institutional Access to a Leading Blockchain

Solana stands out as a high-performance blockchain platform known for speed and scalability. The launch of a regulated fund tied to SOL gives institutional and retail investors a direct, regulated route into the ecosystem without holding tokens themselves. That improves accessibility and reduces custody risk.

Potential Market Impact

Analysts believe this listing could enhance liquidity and visibility for SOL. Some price-targets for SOL are being raised in light of improved capital-markets access. That said, some banks and analysts caution that the initial inflows may be modest compared with Bitcoin or Ethereum ETF products.

Pressure on U.S. Regulators

The move underscores a growing gap between Asia and the U.S. in crypto product innovation. While multiple firms in the U.S. have filed for spot Solana ETFs, the U.S. Securities and Exchange Commission has not yet approved one, according to regulatory filings.

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What to Watch Going Forward

• Listing performance: How the Solana ETF trades once it starts on HKEX, including premium/discount behaviour, liquidity and volume.

• Inflow trends: Whether institutional capital engages meaningfully, and whether retail investors drive sustained demand.

• Competitive launches: Spot Solana ETF applications in the U.S. and Europe may gain renewed momentum now that Hong Kong has led the way.

• Ecosystem effects: Whether the listing accelerates Solana-based product launches (staking, DeFi, tokenization) or encourages institutional exposure to Solana infrastructure.

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Final Thoughts

The approval of a spot Solana ETF in Hong Kong marks a landmark moment for crypto investment. For Solana, this legitimises the network’s role in the institutional-grade financial toolkit. For Hong Kong, it signals a clear intention to lead on digital-asset innovation in Asia.

 

While the real test will lie in how the market responds and how large institutional commitments become, the milestone itself sends a ripple across global crypto and capital markets. Solana’s new listing path suggests that the token is stepping firmly into mainstream finance.