Animoca Brands Joins Forces to Seek Stablecoin License in Hong Kong

Animoca Brands, in collaboration with Standard Chartered Bank and Hong Kong Telecommunications (HKT), has taken a significant step by establishing Anchorpoint Financial Limited, a joint venture aiming to secure a stablecoin license in China Hong Kong. On August 1, the joint venture submitted an official statement of interest to the Hong Kong Monetary Authority (HKMA), marking the first step in the licensing process for a stablecoin issuance in the region. This initiative is aligned with the newly effective "Stablecoins Ordinance," which requires fiat-backed stablecoin issuers to obtain regulatory approval from the HKMA [1].

The submission is seen as a pivotal moment in the evolution of stablecoin adoption, particularly in institutional and individual markets. As part of the process, Anchorpoint Financial will need to align its structure, reserve management, and compliance mechanisms with regulatory requirements. The joint venture also explores the potential for a Hong Kong Dollar (HKD)-backed stablecoin, leveraging the HKMA’s sandbox program launched in July [1].

Evan Auyang, Chairman of Animoca Brands, emphasized the growing importance of stablecoins in the Web3 ecosystem. He highlighted how stablecoins facilitate faster and more efficient blockchain-based transactions and how the regulated fiat-backed model can strengthen Hong Kong’s status as a global financial hub. As the regulatory framework becomes more defined, the adoption of stablecoins is expected to gain momentum, especially with increasing clarity in the sector [1].

The move aligns with broader efforts in China Hong Kong to foster stablecoin innovation under a controlled and structured regulatory environment. The initiative is also considered part of a wider national strategy to promote the use of offshore yuan (CNH) in global trade and cross-border transactions. This strategy aims to reduce reliance on U.S.-dollar-backed stablecoins like USDT and USDC, thereby enhancing the international usability of the yuan [2][3][4].

Regulators in China Hong Kong have maintained a cautious approach to stablecoin development, prioritizing financial stability and preventing speculative trading. The People’s Bank of China has similarly emphasized the importance of aligning such innovations with national economic and regulatory conditions. This balanced approach reflects a dual objective: to encourage digital financial innovation while maintaining control over capital flows and systemic risks [4][5].

The geopolitical implications of the yuan-backed stablecoin are significant. Analysts suggest that China Hong Kong’s strategic position as a financial gateway could reshape trade settlement mechanisms, particularly in Asia. The initiative supports long-term expectations that China will use the region to test offshore yuan stablecoins without violating the mainland’s capital controls. It also reinforces China’s broader digital strategy, especially in the context of the Belt and Road Initiative, where digital yuan-backed assets are being increasingly explored for infrastructure and trade projects [4][6].

The HKMA has already begun evaluating stablecoin applications, with licenses expected to be issued as early as 2026. While the market remains cautious about the risks of speculation, the rollout of a yuan-backed stablecoin represents a calculated effort to expand China’s influence in the global digital currency landscape [4].

Source:

[1] China To Permit Launch of Yuan Stablecoin to Rival U.S. - https://coinpedia.org/news/china-to-permit-launch-of-the-first-yuan-stablecoin-to-rival-u-s-dominance/

[2] China Greenlights Launch Of Its First Crypto Stablecoin— - https://www.mitrade.com/au/insights/news/live-news/article-3-1018458-20250807

[3] China to Permit Launch of Its First Crypto Stablecoin - https://watcher.guru/news/china-to-permit-launch-of-its-first-crypto-stablecoin

[4] Hong Kong's stablecoin geopolitics - by Noelle Acheson - https://www.cryptoismacro.com/p/hong-kongs-stablecoin-geopolitics

[5] Stablecoin push gains ground in China in new challenge to - https://www.moneyweb.co.za/news-fast-news/stablecoin-push-gains-ground-in-china-in-new-challenge-to-us/

[6] Nano Labs Gains Approval for CNH-Pegged Stablecoin in - https://www.tipranks.com/news/company-announcements/nano-labs-gains-approval-for-cnh-pegged-stablecoin-in-kyrgyz-republic