Animoca Unveils Joint Venture for Hong Kong’s Stablecoin Initiative
Animoca Brands has partnered with Standard Chartered Bank (Hong Kong) and HKT to seek a stablecoin issuer license in Hong Kong.
Summary
- Animoca, Standard Chartered, and HKT have launched Anchorpoint to apply for a stablecoin license from the HKMA.
- The partners joined the HKMA sandbox in 2024 to assess regulated stablecoins.
- Of the 40+ applicants, only a select few are expected to receive approval.
In a press release dated August 8, it was announced that the newly formed entity, Anchorpoint Financial Limited, submitted its application to the Hong Kong Monetary Authority on August 1, coinciding with the launch of the city’s Stablecoin Ordinance.
Evan Auyang, Animoca’s group president, highlighted that this partnership aims to bridge traditional finance with digital assets through the integration of stablecoins into the mainstream financial system.
The companies have participated in the HKMA’s stablecoin sandbox since July 2024, exploring scenarios that could promote adoption among both institutional and retail users. The ordinance mandates that stablecoin issuers follow stringent risk management protocols, hold fiat reserves, and facilitate redemptions within one business day.
Advocacy for regulated stablecoins in Hong Kong
More than 40 organizations, including prominent banks and technology firms, have filed for licenses; however, only a limited number are expected to be granted approval. Other participants in the sandbox include Jingdong Coinlink Technology and RD InnoTech, both focusing on Hong Kong dollar–backed stablecoins.
Animoca’s chairman, Yat Siu, stressed the unique role of HKD stablecoins, which are indirectly pegged to the U.S. dollar, providing a regulated alternative outside of the U.S. He considers Hong Kong’s transparent regulatory environment a driver of innovation, potentially boosting the acceptance of digital payments and solidifying the city’s position as a leading global financial hub.
On a worldwide scale, Hong Kong’s framework mirrors efforts in other regions aimed at establishing regulated stablecoin markets, akin to the EU’s MiCA regulations and the United States’ GENIUS Act. This initiative supports Animoca’s strategy to integrate blockchain technology with compliance-focused financial products.
