Animoca Unveils Joint Venture to Propel Hong Kong’s Stablecoin Initiative
Animoca Brands has collaborated with Standard Chartered Bank (Hong Kong) and HKT to seek a stablecoin issuer license in Hong Kong.
Summary
- Animoca, Standard Chartered, and HKT have created Anchorpoint to apply for a stablecoin license from the HKMA.
- The partners joined the HKMA sandbox in 2024 to assess regulated stablecoins.
- Out of over 40 applicants, only a select few are expected to gain approval.
As mentioned in a press release on August 8, the newly formed entity, Anchorpoint Financial Limited, filed 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 by incorporating stablecoins into the mainstream financial ecosystem.
The companies have participated in the HKMA’s stablecoin sandbox since July 2024, exploring scenarios that could enhance both institutional and retail adoption. The ordinance mandates that stablecoin issuers follow stringent risk management standards, maintain fiat reserves, and permit redemptions within one business day.
Advocacy for regulated stablecoins in Hong Kong
More than 40 organizations, including significant banks and tech companies, have filed for licenses; however, it is predicted that only a few will receive the green light. Other sandbox participants include Jingdong Coinlink Technology and RD InnoTech, both of which are developing Hong Kong dollar–backed stablecoins.
Animoca’s chairman, Yat Siu, underscored the unique position of HKD stablecoins, which are indirectly linked to the U.S. dollar, presenting a regulated alternative to the U.S. market. He considers Hong Kong’s transparent regulatory landscape as a driving force for innovation, potentially boosting digital payment adoption and reinforcing the city’s role as a premier global financial hub.
Globally, Hong Kong’s framework mirrors efforts in other areas aimed at establishing regulated stablecoin markets, such as the EU’s MiCA regulations and the United States’ GENIUS Act. This initiative aligns with Animoca’s vision to merge blockchain integration with compliance-oriented financial solutions.