Bank of China Hong Kong Targets First Stablecoin License

Bank of China Hong Kong (BOCHK) is reportedly preparing an application for a stablecoin license under Hong Kong’s new regulatory framework, aiming to be among the first batch of licensed stablecoin issuers. The news follows Standard Chartered–led joint venture Anchorpoint’s intention to apply and has driven BOCHK’s shares up over 6% to a record high. Although BOCHK was not part of last year’s HKMA stablecoin sandbox, it has set up a dedicated team to advance the process. Successful entry could align with offshore RMB-pegged stablecoin development and support RMB internationalization. HKMA received 77 expressions of interest by August 31, spanning banks, tech firms, e-commerce, and Web3 startups. Official stablecoin license applications are due by September 30, with licenses expected early next year, though initial issuance volumes will be limited. BOCHK’s move underscores growing institutional momentum in Hong Kong’s digital asset ecosystem.