Animoca forms joint venture for Hong Kong stablecoin bid

Animoca Brands has formed a joint venture with Standard Chartered Bank (Hong Kong) and HKT to seek a stablecoin issuer license in Hong Kong.

Summary

• Animoca, Standard Chartered, and HKT launch Anchorpoint to apply for an HKMA stablecoin license.
• The trio joined the HKMA sandbox in 2024 to test regulated stablecoins.
• Only a few of over 40 applicants are expected to win approval.

According to an Aug. 8 press release, the new entity, Anchorpoint Financial Limited, lodged its application with the Hong Kong Monetary Authority on Aug. 1, the day the city’s Stablecoin Ordinance came into effect.

Evan Auyang, group president of Animoca, stated that the partnership aims to bridge the gap between traditional finance and digital assets by incorporating stablecoins into the mainstream financial ecosystem

The three companies have participated in the HKMA’s stablecoin sandbox since July 2024, testing use cases that could support both institutional and retail adoption. The ordinance mandates that stablecoin issuers adhere to stringent risk management procedures, maintain fiat reserves, and permit redemptions within one business day.

Push for regulated stablecoins in Hong Kong

More than 40 businesses, including big banks and tech companies, have applied for licenses, though it is expected that only a small percentage of these applications will be approved. Other sandbox participants include Jingdong Coinlink Technology and RD InnoTech, which are developing Hong Kong dollar–backed stablecoins.

Animoca’s chairman, Yat Siu, has pointed to the unique position of HKD stablecoins, which are indirectly pegged to the U.S. dollar, as a regulated alternative outside the U.S. market. He believes that Hong Kong’s clear regulatory approach is a driving force behind innovation, which could hasten the adoption of digital payments and solidify the city’s position as a major international financial center

On a global scale, Hong Kong’s framework is similar to actions taken in other jurisdictions to establish regulated stablecoin markets, such as the EU’s MiCA regulations and the United States’ GENIUS Act. The initiative is a reflection of Animoca’s strategy of integrating blockchain adoption with compliance-focused financial products.