Hong Kong has officially launched the Hong Kong Stablecoin Exchange (HSEX), the world’s first fully regulated platform dedicated to stablecoin trading. Jointly established by Hong Kong Exchanges and Clearing Limited (HKEX), The Stock Exchange of Hong Kong Limited (SEHK), and Hong Kong Futures Exchange Limited (HKFE), HSEX went live following the enactment of the city’s Stablecoin Issuance and Trading Regulation, marking a historic milestone for regulated digital assets.
HSEX aims to create a secure, transparent, and fully compliant trading ecosystem for stablecoins. The platform combines the expertise of leading specialists in financial technology, blockchain infrastructure, cybersecurity, regulatory compliance, and anti-money laundering (AML), ensuring that all operations meet the highest global standards.
Under the new regulation, all stablecoins issued or traded in Hong Kong must operate on licensed platforms under dual supervision by the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC). HSEX has obtained the required licenses, and every listed stablecoin undergoes strict scrutiny, including reserve audits, smart contract security checks, and issuer due diligence. The platform initially supports stablecoins pegged to the Hong Kong dollar and US dollar, with plans to expand to additional fiat-backed assets.
More than a marketplace, HSEX represents the modernization of Hong Kong’s financial infrastructure. Built on “technology-first, compliance-first” principles, the platform ensures that all trading activities are auditable, transparent, and fully traceable, offering investors a level of security on par with traditional financial markets.
HSEX’s architecture combines centralized order execution with decentralized settlement to maintain system stability and safeguard user assets. Features include multi-signature wallets, hot and cold wallet separation, and real-time risk monitoring. Partnerships with licensed banks and top audit firms ensure 100% transparency and verifiability of stablecoin reserves.
The exchange has also launched a Compliance Innovation Lab to explore real-world applications of stablecoins in cross-border payments, trade settlement, green finance, and regional digital economic integration. Working with financial institutions across the Guangdong-Hong Kong-Macao Greater Bay Area, the lab will pilot initiatives that integrate regulated stablecoins into practical financial solutions.
Experts note that HSEX not only addresses a global regulatory gap but also sets a new benchmark by merging RegTech with digital asset innovation. Amid global crypto market volatility, Hong Kong’s robust regulatory framework and institutional credibility are expected to attract participation from institutional investors and stakeholders in the real economy, driving the adoption of stablecoins beyond speculation.
Currently, HSEX offers pilot access to licensed financial institutions and qualified investors. Retail services are expected to roll out gradually between Q4 2025 and Q1 2026, following regulatory approval and full system testing. Official updates will be shared through designated channels.
As a government-backed financial infrastructure jointly managed by Hong Kong’s three major exchanges, HSEX reinforces the city’s commitment to innovation, security, and regulatory excellence. The platform aims to provide reliable, compliant stablecoin trading to users worldwide, supporting Hong Kong’s vision as a leading global digital finance hub.