Anchorpoint Aims to Launch HKD-Backed Stablecoin with Animoca Brands and SCBHK

Animoca Brands, Standard Chartered Bank (Hong Kong) Limited, and HKT have formed a joint venture named Anchorpoint Financial to apply for a license from the Hong Kong Monetary Authority (HKMA) to issue a stablecoin backed by the Hong Kong dollar. This marks a significant step in the development of digital assets in the region and reflects the collaboration between a global Web3 company, a major international bank, and a leading telecommunications provider. The joint venture aims to leverage the partners’ respective strengths—Standard Chartered’s banking infrastructure and regulatory experience, Animoca Brands’ expertise in Web3 technologies, and HKT’s mobile wallet capabilities—to create a secure and innovative digital payment solution [1].

Since July 2024, the partners have been participating in the HKMA’s stablecoin issuer sandbox, a controlled environment designed to test stablecoin applications while assessing operational and compliance requirements. The sandbox initiative is part of the HKMA’s broader strategy to position Hong Kong as a global digital asset hub. By engaging in this regulatory experiment, Anchorpoint seeks to explore use cases that could benefit both institutional and retail users, including enhanced transaction efficiency, greater transparency, and expanded access to digital financial services [2].

Standard Chartered’s participation underscores the bank’s commitment to supporting the evolution of digital assets and its belief that tokenized money will play a critical role in the future of finance. The bank has previously engaged with stablecoin projects globally and is now positioning itself as a key player in Hong Kong’s digital asset market. SCBHK plans to utilize its established infrastructure and governance frameworks to meet the compliance and operational needs of the joint venture. The bank also expressed confidence in its ability to address the growing demand for digital asset solutions among its clients [3].

Animoca Brands, a leading player in the Web3 ecosystem, views the partnership as an opportunity to expand stablecoin adoption in both retail and institutional markets. The company emphasized the importance of regulatory clarity and compliance in fostering trust and long-term growth in the sector. With its extensive network in the blockchain and gaming industries, Animoca Brands is well-positioned to explore innovative use cases for the stablecoin, including digital identity verification, NFT-based transactions, and Web3-based gaming economies [4].

HKT brings mobile wallet capabilities and consumer-facing technologies to the partnership, expected to enhance the usability of the stablecoin in everyday transactions and support cross-border commerce. The company believes that integrating stablecoins into existing mobile payment systems will improve efficiency and security, particularly in the retail sector, by enabling faster and more transparent transactions [5].

Anchorpoint has declared its intent to apply for a license under the HKMA’s new regulatory framework. If approved, it will become one of the first entities in the region to issue a regulated stablecoin. The application process will involve rigorous compliance and technical assessments to ensure the stablecoin meets the standards required for stability, security, and systemic integrity [6].

Industry observers note that the collaboration between a traditional financial institution, a Web3 company, and a technology provider highlights the growing convergence of different sectors in the digital asset space. This partnership reflects broader trends in financial innovation, where regulators, banks, and technology firms are working together to develop products that align with evolving consumer needs and regulatory expectations. The development of a stablecoin ecosystem in the region could also have implications for cross-border trade and financial inclusion [7].

The success of Anchorpoint will depend on several factors, including regulatory approval, market adoption, and the ability to scale securely and efficiently. The joint venture’s ability to demonstrate real-world use cases and maintain compliance with both local and international regulations will be critical in determining its long-term viability. The partners have expressed confidence in their collective ability to navigate these challenges and contribute to the digital finance ambitions of the region [8].