- Animoca, Standard Chartered, and HKT form Anchorpoint Financial Limited to apply for a stablecoin issuer license in Hong Kong
- The trio has joined the Hong Kong Monetary Authority (HKMA) sandbox to test regulated stablecoins, with only a few out of 40 applicants expected to win approval
- Hong Kong’s Stablecoin Ordinance mandates strict risk management and fiat reserve requirements for stablecoin issuers
Animoca Brands has teamed up with Standard Chartered Bank (Hong Kong) and HKT to form a joint venture called Anchorpoint Financial Limited, aimed at securing a stablecoin issuer license in Hong Kong. The application was submitted on August 1, the same day the city’s Stablecoin Ordinance came into effect.
The new entity, formed to apply for the Hong Kong Monetary Authority’s (HKMA) stablecoin license, represents a significant move to integrate stablecoins into the mainstream financial ecosystem. Evan Auyang, group president of Animoca, highlighted the collaboration’s role in bridging traditional finance with digital assets. By leveraging stablecoins, the partners aim to drive adoption across both institutional and retail sectors.
Animoca partnership to bridge traditional finance and digital assets
The partnership is part of a broader trend of businesses seeking to align themselves with Hong Kong’s progressive regulatory framework for stablecoins. Since joining the HKMA’s stablecoin sandbox in July 2024, the group has been testing use cases designed to meet the city’s rigorous standards. The ordinance requires stablecoin issuers to adhere to robust risk management procedures, maintain sufficient fiat reserves, and ensure that redemptions can occur within one business day.
More than 40 companies have submitted applications for a license under the Stablecoin Ordinance, but only a handful are expected to be approved. Other participants in the sandbox, like Jingdong Coinlink Technology and RD InnoTech, are also working on stablecoins pegged to the Hong Kong dollar.
Animoca’s chairman, Yat Siu, believes that Hong Kong’s regulated approach to stablecoins provides a unique opportunity for innovation. He also emphasized that the HKD-pegged stablecoins, indirectly tied to the U.S. dollar, could offer a viable alternative outside the U.S. market, further cementing Hong Kong’s position as a key international financial hub.
Hong Kong’s regulatory influence and global impact
The regulatory steps being taken in Hong Kong mirror global efforts, such as the EU’s MiCA regulations and the U.S. GENIUS Act, to establish compliant stablecoin markets. This initiative signals a growing global consensus on the importance of ensuring that stablecoin markets remain transparent, secure, and innovative.
Through its venture with Standard Chartered and HKT, Animoca is making strides toward blockchain adoption while ensuring that its products meet the highest compliance standards. The outcome of the stablecoin license applications will be a crucial milestone in Hong Kong’s ambitions to become a leading center for digital asset regulation.
