Author: Black

The first batch of licenses in Hong Kong closely followed by a 94% elimination rate establishes strict regulations, marking the official entry into a multilateral competition era for stablecoins in Asia

On April 10, 2026, the Hong Kong Monetary Authority officially issued the first batch of stablecoin issuer licenses to HSBC and Anchor Fintech. This landmark action not only marks the transition of Hong Kong's stablecoin market from a policy framework stage to a compliance operation stage but also establishes Hong Kong as a global benchmark in the field of stablecoin regulation with a stringent standard of a 94% elimination rate, where only 2 out of 36 applying institutions were approved. Just 9 days later, on April 19, industry media PANews published an in-depth analysis revealing that the Singapore Exchange is preparing to launch a "zero interest token" program, formally entering competition in the stablecoin sector; on the same day, blockchain-focused media ChainCatcher also published a core judgment, confirming Hong Kong as the world's first financial center to complete a full system loop of "legislation—review—licensing" for stablecoins, achieving a breakthrough from rule-making to implementation.

On one side, Hong Kong completes the first-mover positioning with "strict entry, high thresholds," while on the other, Singapore quickly follows with innovative products to layout its presence. The face-off between these two major international financial centers marks the end of the previous "single-city narrative" in the development of digital currencies centered around one city. A multilateral competition around stablecoin regulatory standards, application ecology, institutional resources, and global discourse power is officially unfolding, and a new pattern in Asian digital finance is accelerating to form in this contest.

The first batch of stablecoin licenses issued by the Hong Kong Monetary Authority represents a key implementation action after the formal effectiveness of the "Stablecoin Ordinance" in August 2025. The 36 applying institutions encompass various types such as traditional banks, fintech companies, and blockchain-native institutions, with only HSBC, a traditional currency issuer in Hong Kong, and Anchor Fintech, a joint venture between Standard Chartered Bank, Hong Kong Telecom, and Animoca Brands, standing out. The 94% elimination rate reflects the Hong Kong Monetary Authority's bank-level stringent review of applicants' capital strength, reserves management, risk control systems, and technical security—requiring licensed institutions to have a paid-up capital of no less than HKD 25 million, reserves consisting of 100% high liquidity quality assets held by independent third-party custodians, and the ability to redeem stablecoins at face value instantly, along with comprehensive transaction monitoring and high-frequency information disclosure requirements, ensuring compliance and risk resistance capabilities of the first batch of licensed institutions and delineating the "emphasis on compliance, steady start" core tone for Hong Kong's stablecoin market.

HSBC and Anchor Fintech's approval also creates a dual track layout in Hong Kong's stablecoin sector: HSBC will leverage its own offline outlets, mobile banking, and PayMe payment system, focusing on C-end and light B-end scenarios such as retail payments, merchant settlements, and investment product subscriptions, planning to launch a Hong Kong dollar stablecoin in the second half of 2026 to achieve seamless integration of traditional financial scenarios with digital assets; Anchor Fintech, on the other hand, will utilize its stakeholders' financial resources, telecom networks, and blockchain technology advantages, adopting a B2B2C model, aiming for phased issuance of the Hong Kong dollar stablecoin HKDAP in the second quarter of 2026, emphasizing expansion into deep B-end scenarios such as cross-border trade settlements and real asset tokenization (RWA). The differentiated layouts of the two institutions also provide a diversified foundation for the application ecology of Hong Kong's stablecoin from the start.

Hong Kong's initial move quickly triggered a chain reaction in Asian financial centers, with Singapore's follow-up steps closely behind. The April 19 exposure by industry media PANews regarding the Singapore Exchange's "zero interest token" plan signals Singapore's important focus on the stablecoin sector—distinguished from the traditional fiat-backed stablecoin's 1:1 reserve model, "zero interest tokens" enter the market with an innovative product form, aligning with the Monetary Authority of Singapore's (MAS) core requirement for stablecoins to "serve the real economy and enhance financial efficiency," while continuing Singapore's innovative thinking of "pilot first, promote later" in the digital finance field. In fact, Singapore had already laid the groundwork for stablecoins, previously issuing a regulatory framework for single-currency stablecoins and incorporating it into the Payment Services Act regulatory system. The Singapore Exchange's introduction of the "zero interest token" is a product-driven effort, forming differentiated competition with Hong Kong's licensing regulations, trying to attract institutional funds and cross-border scenario resources with innovative advantages.

ChainCatcher's confirmation of Hong Kong as the world's first financial center to complete the full system loop of "legislation—review—licensing" further enhances the global significance of this competition between Hong Kong and Singapore. Previously, the global stablecoin market had been dominated by USD stablecoins, with regulatory aspects showing characteristics of "regionalization and fragmentation." Although regions like the EU and the UK have implemented relevant rules, they have yet to complete the entire process from legislation to actual licensing; the US, due to differences among regulatory agencies, has yet to establish a stablecoin regulatory framework. Hong Kong's breakthrough with a complete institutional loop not only secures a first-mover advantage in the stablecoin sector for itself but also exports an Asian regulatory solution to the world—with specific legislation clarifying rules, strict reviews controlling entries, and comprehensive regulatory processes ensuring safety. This model provides an important reference for global stablecoin regulation.

From Hong Kong's stringent licensing to Singapore's innovative follow-up, the actions of these two financial centers reflect a core competition for global digital financial discourse power, dominance in cross-border capital settlements, and digital asset ecological layout rights. As international financial centers in Asia and globally, both Hong Kong and Singapore possess mature financial infrastructures, rich international institutional resources, and open cross-border trade scenarios. Stablecoins, as a core vehicle connecting traditional finance and blockchain technology, not only improve efficiency in cross-border payments and trade settlements, and reduce transaction costs, but also provide underlying support for real asset tokenization and digital financial innovation, becoming a crucial battleground for the two financial centers in their digital finance layouts.

Hong Kong's core advantages lie in its complete institutional loop, synergy with mainland finance, and deep participation of the traditional banking system. Its stringent regulatory standards ensure market stability while attracting global institutions and funds seeking compliance, and by leveraging cross-border financial cooperation with the mainland, Hong Kong can apply stablecoins in cross-border trade and investment scenarios in the Guangdong-Hong Kong-Macao Greater Bay Area, forming a unique geographical advantage; while Singapore, with its technology-neutral regulatory stance, global institutional agglomeration, and innovation-friendly market environment, has the potential to attract blockchain-native institutions, cross-border tech companies, and international asset management organizations with innovations like the "zero interest token," focusing on wholesale cross-border settlements and global capital markets, thereby building differentiated competitiveness.

This multilateral competition between Hong Kong and Singapore has accelerated the pace of development in the Asian stablecoin market, breaking the previous development pattern dominated by a single city, creating a competitive environment characterized by "policy leadership, compliance first, innovation-driven, and scenario-oriented." In the future, the competition between the two financial centers will not only manifest in licensing and product innovation but will also extend to various dimensions including the export of regulatory standards, construction of application ecologies, exploration of cross-border connectivity, and linkage with other regions globally: Hong Kong may continue to strictly control the pace of license issuance, gradually expanding the application scenarios of stablecoins and deepening digital financial integration with the mainland; Singapore, on the other hand, might accelerate the landing of stablecoin regulatory legislation based on the "zero interest token" pilot, promoting the rollout of more innovative products and scenarios.

Beneath this multilateral competition lies an important signal of the rise of Asian digital finance. For a long time, the global digital finance regulatory regime and market pattern have been dominated by Europe and America, but the proactive positioning and direct competition of Hong Kong and Singapore in the stablecoin sector not only supports Asia's emergence as a core region for global stablecoin innovation and regulation but is also expected to break the monopolistic structure of USD stablecoins, fostering the formation of a new global stablecoin ecology characterized by multiple currencies, multiple regulations, and multiple hubs. Furthermore, the competition between Hong Kong and Singapore will also compel both sides to continually optimize regulatory rules, enrich application scenarios, and enhance financial efficiency, ultimately establishing a pattern of "cooperation and coexistence" that promotes the overall development of Asian digital finance.

From "single-city narrative" to "multi-city competition," this transformation in the stablecoin sector in Asia not only reshapes the regional digital finance landscape but also injects new momentum into the development of global digital finance. As Hong Kong's compliant stablecoins officially operate and Singapore's "zero interest token" plan gradually materializes, the competition between these two financial centers will continue to escalate, and the final outcome of this competition will not only determine the future direction of Asian digital finance but will also profoundly impact the pattern and rules of the global stablecoin market.

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