Animoca Brands and Standard Chartered Collaborate to Bring Licensed Hong Kong-Dollar Stablecoin to Market Under New Rules

Standard Chartered and Animoca Brands Join Forces To Launch Hong Kong-Dollar Stablecoin

A new venture between Standard Chartered’s Hong Kong arm and Web3 software firm Animoca Brands is taking shape with the creation of Anchorpoint Financial Limited, a company set to develop a Hong Kong-dollar backed stablecoin.

The firm has already expressed formal interest in securing a stablecoin issuer licence from the Hong Kong Monetary Authority (HKMA), submitting its application on 1 August, the same day Hong Kong’s Stablecoin Ordinance came into effect.

How Hong Kong’s Stablecoin Rules Are Shaping The Market

The recent regulatory framework introduced by the HKMA demands stablecoin issuers maintain full fiat reserves, implement robust risk controls, and offer token redemptions within one business day.

These stringent rules aim to ensure market stability and protect users but have caused share prices of some local stablecoin-related companies to fall by up to 20% as investors adjusted to the new environment.

More than 40 entities, including established banks and technology companies, have applied for the licence, yet only a handful are expected to meet the rigorous standards.

Aside from Anchorpoint Financial, firms like Jingdong Coinlink Technology and RD InnoTech are also actively pursuing regulated Hong Kong-dollar stablecoins through the HKMA’s sandbox programme.

Why Standard Chartered’s Role Matters

Standard Chartered’s involvement carries weight, as it is among just three authorised issuers of Hong Kong’s fiat currency, alongside HSBC and Bank of China (Hong Kong).

This positions the bank uniquely to lead the city’s stablecoin efforts within a well-regulated framework.

The partnership with Animoca Brands extends beyond stablecoin issuance; it taps into Standard Chartered’s experience with digital assets and tokenisation, notably through its Libera platform on Ethereum.

Building Bridges Between Traditional Finance And Web3

Evan Auyang, group president of Animoca Brands, described the venture’s goal as linking conventional financial systems with digital asset markets.

“As assets continue to move on-chain, the HKMA-regulated fiat-referenced stablecoin is important in reinforcing Hong Kong’s position as a leading international financial centre.”

The collaboration has been in motion since early 2024 and has involved testing use cases within the HKMA’s regulatory sandbox since July.

This sandbox allows participants to explore payment and settlement solutions designed to support both retail users and institutions under close regulatory oversight.

What Sets Hong Kong’s Approach Apart

Hong Kong’s stablecoin legislation is among the most demanding worldwide.

Issuers must comply with strict Know Your Customer (KYC) and customer identification rules, potentially slowing adoption but ensuring strong oversight.

This is in contrast to more flexible regimes in some other markets, but it aligns Hong Kong with international efforts like the European Union’s MiCA regulations and the proposed GENIUS Act in the United States.

Animoca Brands’ chairman, Yat Siu, highlighted Hong Kong’s distinct position as offering a regulated stablecoin option indirectly pegged to the US dollar but outside the US market.

He believes the clarity provided by the HKMA’s framework will encourage innovation and accelerate digital payment adoption in the city.

A Competitive Stablecoin Race Intensifies

The launch of Anchorpoint Financial comes as other major players prepare to enter the Hong Kong stablecoin space.

China-based JD.com registered entities connected to a potential stablecoin launch just days before the new regulations took effect.

Similarly, Ant International, part of Jack Ma’s Ant Group, is reportedly seeking licences for Hong Kong and Singapore.

The growing activity reflects a broader push by institutions and tech companies to capitalise on stablecoins, which now represent over $250 billion in total supply globally.

However, concerns remain about their impact on central bank currencies and financial stability, which Hong Kong’s legislation seeks to address.

Animoca Brands’ Shift Toward Regulated Stablecoins

Animoca Brands, once more focused on Web3 projects and blockchain startups, is increasingly investing in stablecoins as a core area.

The company continues to hold significant reserves of Ethereum and uses stablecoins like USDT and USDC in its operations, recognising their potential as a tool for liquidity and global transfers.

While details about the specific structure of the planned Hong Kong-dollar stablecoin remain under wraps, it is expected to be backed by fiat reserves or similar assets, consistent with regulatory requirements.

The company views stablecoins as a promising alternative for global remittances and mainstream digital payments.

This collaboration and Hong Kong’s evolving stablecoin rules illustrate the city’s ambitions to become a leading hub for regulated digital finance, navigating the balance between innovation and control in a fast-growing sector.