tl;dr
Standard Chartered's Hong Kong subsidiary and Web3 firm Animoca Brands have partnered to form Anchorpoint Financial Limited, aiming to obtain a Hong Kong-dollar stablecoin issuer license. Anchorpoint applied for the license with the Hong Kong Monetary Authority (HKMA) on August 1, following new regu...
The Hong Kong subsidiary of Standard Chartered has joined forces with Web3 software firm Animoca Brands to create a Hong Kong-dollar stablecoin. They have formed Anchorpoint Financial Limited to pursue a stablecoin issuer license locally, aiming to develop a business focused on licensed stablecoin issuance and advancement.
Anchorpoint Financial formally expressed interest in the stablecoin license with the Hong Kong Monetary Authority (HKMA) on August 1, following the regulator’s introduction of a new, more stringent stablecoin framework accompanied by a six-month transition period. This regulatory tightening triggered a notable sell-off, with some related local company stocks dropping by as much as 20%, a movement experts saw as a healthy market correction.
The partnership between Standard Chartered and Animoca Brands is well-established, dating back to their initial stablecoin announcement in February 2024. Their collaboration also extends into a coalition with Hong Kong Telecommunications, participating in the HKMA’s stablecoin issuer sandbox since July. Standard Chartered’s role is particularly significant given its status among only three banks authorized to issue Hong Kong’s fiat currency under the HKMA’s supervision.
The competitive landscape for Hong Kong stablecoins is heating up amid clearer regulations that have elevated industry maturity. Notable players include JD.com, which registered entities related to stablecoin projects right before the new regulations took effect, and Ant International, the Singapore unit of Ant Group, which plans to seek stablecoin licenses both in Hong Kong and Singapore. Jingdong Coinlink Technology Hong Kong Limited, linked to JD Technology Group, also revealed plans to launch a 1:1 Hong Kong dollar-backed stablecoin in July 2024, underscoring the growing momentum in this emerging market.