The Hongkong and Shanghai Banking Corporation Limited, a wholly owned subsidiary of HSBC Holdings plc, today welcomes the grant of a stablecoin issuer licence1 by the Hong Kong Monetary Authority (HKMA).HSBC plans to launch a Hong Kong dollar (HKD) denominated stablecoin in the second half of 2026 under the new licence. Each stablecoin issued by HSBC will be fully backed at all times by high-quality, liquid assets held in segregated accounts, and will meet the highest financial crime compliance standards, underlining HSBC’s commitment to safety and security in digital assets and currencies.The HKD stablecoin by HSBC will be seamlessly integrated into two of Hong Kong’s most widely used digital platforms: PayMe and the HSBC HK Mobile Banking App (HSBC HK App).HSBC looks forward to spearheading the future of stablecoin innovation in Hong Kong. In the initial phase, the following use cases will provide HSBC retail customers and merchants with more flexible and secure options for everyday transactions:Peer-to-Peer (P2P) Payments: Instantly transfer value to friends and family using stablecoins via PayMe and HSBC HK App.Peer-to-Merchant (P2M) Payments: Pay participating merchants directly with stablecoins via PayMe.Tokenised Investments: Subscribe to tokenised investments using stablecoins via HSBC HK App2.PayMe currently serves over 3.3 million users, while the HSBC HK App – following a major refresh last year– recorded a 20 per cent increase in active users3 year-on-year. Building on an already established critical mass of users, these platforms provide a strong springboard for HSBC’s financial innovation agenda and support the development of a broader ecosystem of new financial applications and services powered by digital assets in Hong Kong.Maggie Ng, CEO Hong Kong at HSBC, said, “We are delighted that the HKMA has granted HSBC a stablecoin issuer licence. We look forward to participating in this pioneering regulatory regime, which will allow HSBC-issued stablecoins to be used safely and securely by our customers for payments and transactions in Hong Kong. Today’s news aligns with Hong Kong’s ambition to become a global digital asset hub.”“By integrating stablecoins into how our apps are used to pay and invest, HSBC is helping customers participate confidently in the future of digital finance and realise the benefits it can deliver.”Since 2022, HSBC has participated in many of the HKMA’s key digital asset and currencies projects, including the e-HKD+ Pilot Programme and Project Ensemble.HSBC already offers a range of secure and regulated digital asset products in Hong Kong, including Tokenised Deposit Services for corporates, digital bonds for institutional investors via HSBC Orion and the HSBC Gold Token for retail customers. Together, these initiatives demonstrate the full spectrum of HSBC’s digital assets strategy and capability, from providing institutional-grade infrastructure to accessible retail-facing financial innovations. The upcoming stablecoin initiative complements this foundation by focusing on retail payment and transaction needs.With the planned launch of HSBC’s HKD stablecoin, HSBC continues to demonstrate its leadership in digital assets and currencies and its commitment to supporting the innovation of Hong Kong’s financial ecosystem.NoYesInfrastructure14 Apr, 2026