Hong Kong has two licensed stablecoin issuers. Their retail plans are taking different paths

Hong Kong's first two licensed issuers are no longer waiting to launch. HSBC began rolling out RedCoin through PayMe on October 23, while Anchorpoint's HKDAP has been in a restricted institutional phase since August. Their next challenge is getting regulated Hong Kong dollar tokens into ordinary payments without losing control of who can hold and redeem them. The HKMA register lists only HSBC and Anchorpoint as licensed stablecoin issuers, both effective April 10, 2026.