Animoca Brands, Standard Chartered, and HKT Launch Hong Kong's First Licensed Stablecoin
Web3 investment giant Animoca Brands has formed a new joint venture called Anchorpoint Financial Limited, along with Standard Chartered Bank (Hong Kong) Limited and Hong Kong Telecom (HKT).
The company aims to become one of the first licensed stablecoin companies in Hong Kong under the Stablecoin Regulation, which came into effect on August 1.
The joint venture submitted its formal application to the Hong Kong Monetary Authority (HKMA) on August 1, the same day the Stablecoin Regulation came into effect. This move establishes them as the "first movers" among stablecoin companies operating under Hong Kong's new regulatory framework.
Pre-regulation Preparation Process
Anchorpoint has been shaped by the participation of all three companies in the HKMA's stablecoin sandbox program for over a year. During this period, the parties tested how stablecoins could connect traditional finance and the Web3 ecosystem. According to HKMA CEO Eddie Yue, approximately 40 companies could apply for licenses, but fewer than 10 are expected to receive approval.
Stablecoins are generally known as crypto assets pegged to fiat currencies like the US dollar. Both regulators and financial institutions worldwide view stablecoins as one of the most critical components of the digital asset ecosystem. Regulation of stablecoins has also accelerated in the US under the GENIUS Act.
The Strategic Importance of the Partnership
“Stablecoins are one of the strongest use cases in the Web3 space, and we are just at the beginning of widespread adoption on both institutional and retail levels,” said Evan Auyang, Group Chairman of Animoca Brands. Hong Kong’s new regulations pave the way for stablecoin alternatives other than USD to enter the market in the city. This creates new opportunities that could challenge the dollar’s dominance in regional payment and clearing systems.
Hong Kong’s Stablecoin Regulation introduces a comprehensive licensing system for the issuance of stablecoins pegged to fiat assets. Under this system, companies are required to:
- Conduct transparent reserve asset management,
- Keep client assets segregated,
- Operate stability mechanisms,
- Meet redemption requests at par value,
- Comply with AML (anti-money laundering) standards.
The HKMA published its oversight guidelines and AML procedures on July 29. The application deadline for early-stage feedback is August 31, and the deadline for full applications is September 30. It was announced that misleading license statements will be subject to criminal penalties.
Hong Kong experienced a notable increase in capital inflows into the digital asset market following the new regulations. In July, at least 10 publicly listed companies raised over US$1.5 billion for blockchain and digital currency projects. During this period, stablecoin-related stocks have gained 65% since the beginning of the year.
Tether maintains its leadership with a market capitalization of $164 billion, while USD Coin grew 3.78% to $63.6 billion. Ethena USD saw a record 43.5% increase to $7.6 billion.
If Anchorpoint successfully completes the licensing process, it is expected to become one of the first major players in Hong Kong's stablecoin market to be licensed and regulated.
