Animoca Brands Joins Forces with Standard Chartered to Apply for Hong Kong Stablecoin License

Animoca Brands, Standard Chartered Bank (Hong Kong) Limited, and HKT have formed a joint venture, Anchorpoint Financial Limited, to apply for Hong Kong’s first stablecoin issuer license under the city’s newly enacted regulatory framework. The partnership submitted a formal interest to the Hong Kong Monetary Authority (HKMA) on August 1, the same day the Stablecoins Ordinance took effect, positioning itself as one of the first movers in Asia’s regulated stablecoin market. The joint venture aims to integrate stablecoins into Hong Kong’s mainstream financial ecosystem, leveraging the city’s strategic position in digital asset innovation [1].

The initiative aligns with the global stablecoin market’s continued growth, which hit a record $261 billion in July—marking 22 consecutive months of expansion. Hong Kong’s regulatory move has positioned the city as one of the first global financial hubs to establish a dedicated stablecoin licensing regime, opening the door for non-U.S. dollar alternatives to compete in regional digital settlements [1]. The new framework requires issuers to maintain robust reserve asset management, segregate client assets, operate stabilization mechanisms, and adhere to anti-money laundering and risk management protocols. These rules aim to ensure stability, transparency, and compliance within the sector [1].

Anchorpoint has participated in the HKMA’s stablecoin issuer sandbox since July 2024, testing how stablecoins can serve as a bridge between Web3 and traditional finance. Evan Auyang, group president of Animoca Brands, emphasized that stablecoins represent a pivotal use case in Web3 and that the industry is still at an early stage of adoption. The joint venture is designed to build a sustainable business model focused on the issuance and advancement of licensed stablecoins [1].

The development coincides with a broader surge in Hong Kong’s digital asset ecosystem. At least 10 publicly listed companies raised over $1.5 billion in July through equity placements to fund blockchain and stablecoin-related projects. OSL Group led this wave by securing $300 million in under three days, while SenseTime Group and JF SmartInvest Holdings also raised significant capital for blockchain applications and tokenized real-world assets [1].

HKMA has introduced a structured timeline for stablecoin licensing, with application deadlines set for August 31 (for early-stage feedback) and September 30 (for full submissions). The regulator has warned against misleading claims regarding licensing and emphasized strict compliance with legal requirements. Christopher Hui, the Secretary for Financial Services, noted that the Securities and Futures Commission had already licensed 11 virtual asset platforms, with nine more under review [1].

The regulatory clarity has also spurred the launch of tokenized investment products for retail investors, including gold tokens and money market funds, with plans to expand into real estate and private equity tokenization. Additionally, the government is advancing its plan to regularize tokenized green bond issuance following successful trials in 2023 and 2024 [1].

Meanwhile, the global stablecoin sector has seen continued momentum, with Tether maintaining its market leadership at $164 billion. USD Coin and Ethena USDe also saw notable growth, while the Tron network captured over 50% of the total USDT supply as of August 2024. Regulatory support in the U.S., including the signing of the GENIUS Act, has further reinforced the sector’s legitimacy [1].

Hong Kong’s stablecoin market has shown strong performance, with a dedicated index outperforming the broader Hang Seng Index by 65% year-to-date. However, HKMA has cautioned against market “frothiness” and encouraged a balanced approach to the sector’s rapid development [1].

Source: [1] Animoca Brands partners with Standard Chartered to launch Hong Kong stablecoin venture

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