Hong Kong stablecoins split into two models
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- Hong Kong issued its first two stablecoin licences to Anchorpoint Financial and HSBC on 10 April.
- Anchorpoint is targeting institutional use through Ethereum and external exchanges.
- HSBC is targeting retail payments through PayMe and its mobile banking app.
Hong Kong’s first two stablecoin licences have created two different approaches to tokenised money.
Anchorpoint Financial is targeting institutional activity through its HKDAP stablecoin on Ethereum (CRYPTO:ETH) and external exchanges.
“Our immediate focus is on supporting the development of commercial applications that demonstrate the value of regulated tokenised money in real-world settings, including payments and settlement use cases,” Anchorpoint CEO Dominic Maffei said.
Anchorpoint uses HashKey Exchange, OSL Group and PantherTrade for HKDAP minting and redemption.
HSBC plans to offer its stablecoin through PayMe and HSBC HK Mobile Banking, which has access to more than 3.3 million PayMe users.
Hong Kong’s rules require stablecoins to maintain full reserve backing and prohibit interest payments, according to the HKMA.
The two models show how distribution could shape Hong Kong’s regulated stablecoin market, with one focused on institutions and another on consumers.
