Standard Chartered’s Hong Kong unit and Web3 investment giant Animoca Brands have officially entered Hong Kong’s regulated stablecoin race.
Their joint venture, Anchorpoint Financial Limited, has applied for a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA) under the city’s newly introduced regulatory framework.
The application was submitted on August 1, making Anchorpoint one of the earliest firms to seek regulatory approval since the HKMA launched its stablecoin licensing regime in June.
New rules trigger stablecoin competition
Hong Kong is rolling out one of the world’s first official licensing systems for stablecoin issuers. The move is part of the HKMA’s broader strategy to supervise fiat-backed digital assets and protect users.
Under the rules, all stablecoins that claim to be backed by fiat currency must apply for a license if they want to operate in the city. The HKMA gave companies a six-month transition window, starting in June 2025, to become fully compliant.
Anchorpoint’s early application positions it ahead of many other players in the market.
A joint effort with strong backing
Anchorpoint was first announced in February 2024 as a strategic partnership between Standard Chartered HK and Animoca Brands, one of Asia’s most active Web3 investors. The company’s core mission is to develop a Hong Kong dollar–backed stablecoin that can be used in both consumer and institutional finance.
In mid-2024, Anchorpoint, along with Hong Kong Telecom, was selected by the HKMA to participate in its regulatory sandbox—a controlled environment for testing digital asset products. This early involvement gave the firm an edge in preparing for the new licensing framework.
Rising interest in HKD-backed stablecoins
The race to issue a Hong Kong dollar–pegged stablecoin is heating up.
Chinese tech giants including JD.com and Ant Group have also announced plans to launch their own HKD stablecoins. These developments suggest strong commercial interest in building local currency–based stablecoins to support Hong Kong’s digital finance goals.
Unlike other jurisdictions where USD-backed stablecoins dominate, Hong Kong’s push is centered around creating regulated, homegrown digital currency solutions.
The HKMA has said it wants to strike a balance between innovation and financial stability. In its guidelines, the regulator emphasized strict requirements for full asset backing, reserve transparency, risk management, and corporate governance.
What’s next for Anchorpoint?
Now that Anchorpoint has filed its license application, the next steps will likely involve detailed regulatory scrutiny of its technology stack, reserve structure, compliance processes, and business model.
If approved, the company could become one of the first officially licensed stablecoin issuers in Hong Kong—a significant milestone for both its backers and the broader Web3 ecosystem in Asia.
Both Standard Chartered and Animoca Brands have expressed confidence in Hong Kong’s long-term vision for digital assets and stablecoins. The joint venture reflects their bet on Hong Kong’s growing role as a regulated hub for blockchain innovation.
