Hong Kong granted its first batch of stablecoin licences to HSBC (HKG:0005) and a joint venture led by Standard Chartered (HKG:2888) called Anchorpoint Financial, according to a statement on Friday.

Both firms plan to complete the necessary preparation work to launch the business in the coming few months, according to the Hong Kong Monetary Authority.

"We hope [the firms'] promotion of regulated stablecoins will address pain points in financial and economic activities, create value for both individuals and businesses, and support the healthy development of digital assets in Hong Kong," HKMA Chief Executive Eddie Yue said in a statement.