💼 Standard Chartered, Partnering Up for Hong Kong Stablecoin License

Standard Chartered, Animoca Brands, and HKT are applying for Hong Kong's new stablecoin license.

Animoca Brands, Standard Chartered Hong Kong, and Hong Kong Telecom (HKT) formed Anchorpoint Financial, a JV, according to a news statement.

The JV aims to “build a business model focused on the issuance and advancement of licensed stablecoins,” according the news release. Hong Kong enacted the stablecoin law on August 1.

The Stablecoin Ordinance required the Hong Kong Monetary Authority to authorize fiat-based token issuers.

Anchorpoint has shown interest in a stablecoin issuer license with the regulator. Evan Auyang, Animoca Brands group president, said:

Animoca Brands is thrilled to work with Standard Chartered and HKT to develop Anchorpoint and seek for a HKMA stablecoin issuer license to introduce stablecoins into Hong Kong's mainstream financial ecosystem. One of Web3's most compelling use cases is stablecoins, and we think we are still at the early stages of institutional and retail adoption.

Hong Kong-based Web3 startup Animoca Brands invests in blockchain gaming and NFTs. One of the region's biggest telecom businesses is HKT.

UK bank Standard Chartered has invested in digital assets. It was the first G-SIB to provide institutions a Bitcoin and Ethereum spot trading desk last month.

The Financial Stability Board (FSB) classifies G-SIBs as sufficiently ingrained in the global financial system that instability might cause widespread disruptions. Thus, these banks' cryptocurrency ventures are always crucial.

While Standard Chartered's JV has applied for a HKMA license, it's unlikely to create stablecoins soon. A new article suggests the first licenses may arrive in 2026. Still, just a few applications should make the first group.

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