Standard Chartered, Animoca Brands Form Venture to Seek Hong Kong Stablecoin License

Standard Chartered and Animoca Brands have formed a new joint venture, Anchorpoint, to pursue a license for issuing stablecoins under Hong Kong’s newly minted digital asset regime.

The venture has informed the Hong Kong Monetary Authority (HKMA) of its intent to apply for a license under the city’s fiat-referenced stablecoin framework, which officially came into effect on August 1.

“We believe stablecoins will play an important role in building a sustainable digital asset ecosystem in Hong Kong and are dedicated to playing a role in supporting Hong Kong as an international financial centre and digital assets hub,” said Mary Huen, Chief Executive Officer for Hong Kong and Greater China and North Asia at Standard Chartered.

The announcement marks one of the first formal moves by a major global bank to tap into Hong Kong’s ambitious plans to become a digital asset hub. Standard Chartered and Animoca previously participated in a stablecoin issuer sandbox run by the HKMA in July 2024.

Hong Kong’s stablecoin regime

Hong Kong’s new legislation requires any company wishing to issue or market fiat-backed stablecoins to retail investors to obtain a license. The move is part of the city’s broader push to regulate crypto while still attracting legitimate players to its market.

Animoca Brands co-founder and executive chairman Yat Siu told Decrypt the new legal clarity could serve as a turning point for the industry.

“Clearer regulation could allow us to drive customer acquisition, as more individuals and businesses will feel assured about participating in stablecoin ecosystems under regulatory oversight,” he said.

While advocates have touted potential use cases from cross-border payments to digital savings, Siu acknowledged that the market is still sorting out exactly how stablecoins will be used in practice.

“Given Hong Kong’s longstanding reputation as a global hub for the exchange of goods and services, a locally issued stablecoin could naturally facilitate cross-border payments, retail transactions, and B2B services,” he said. “It’s all about leveraging what Hong Kong has always excelled in: being a major international financial and trading center.”

Standard Chartered didn’t immediately respond to questions on what specific products or uses it has planned for the stablecoin.