Animoca Brands and Standard Chartered’s Hong Kong arm have formed a new joint venture, Anchorpoint Financial, to develop and issue a licensed Hong Kong dollar (HKD)-backed stablecoin under the city’s evolving regulatory framework.
Announced on August 2, Anchorpoint Financial Limited is now officially seeking a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA). This move comes just days after the regulator began implementing its new stablecoin licensing regime, which includes a six-month transitional period with tighter compliance standards than initially anticipated.
Despite market turbulence — where shares of several local stablecoin-concept companies fell by as much as 20% — experts believe the sell-off was a healthy correction in response to regulatory clarity.
The collaboration isn’t new. Standard Chartered and Animoca Brands first revealed plans to co-develop an HKD-backed stablecoin in February 2024. In July 2024, both companies joined Hong Kong’s stablecoin sandbox, signaling a deep commitment to regulatory engagement and market readiness.
This partnership is particularly significant as Standard Chartered is one of only three banks authorized to issue Hong Kong’s fiat currency, alongside HSBC and Bank of China (Hong Kong).
Hong Kong Stablecoin Competition Intensifies
Anchorpoint enters a highly competitive space. Ant International, JD.com, and other Chinese fintech giants have also shown intent to apply for HKMA stablecoin licenses. JD Technology Group’s Jingdong Coinlink Technology announced its plans to issue a 1:1 HKD stablecoin just days before the new regulations took effect.
These developments highlight Hong Kong’s growing role as a regulated hub for stablecoin innovation, aiming to balance innovation with investor protection.
Anchorpoint: A Major Step Toward Web3 Integration
With Animoca’s Web3 expertise and Standard Chartered’s banking credibility, Anchorpoint Financial is poised to set new standards in regulated stablecoin issuance in Asia.
As Hong Kong embraces a regulated digital asset future, Anchorpoint’s entry could help establish the Hong Kong dollar stablecoin as a secure, compliant tool for both retail and institutional use in Web3 finance.
Disclaimer
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