Standard Chartered and Animoca Brands announced the establishment of a joint venture to develop a stablecoin tied to the Hong Kong dollar. This event marks an important step in the regulation of digital currencies in the region.
Launch of Joint Venture
The Hong Kong subsidiary of Standard Chartered and Animoca Brands have announced the creation of Anchorpoint Financial Limited to launch a stablecoin backed by the Hong Kong dollar. Both partners aim to obtain a stablecoin issuer license from the Hong Kong Monetary Authority. According to the announcement, the company has already confirmed its interest in obtaining the license as of August 1.
Background of the Partnership
The partnership between Standard Chartered and Animoca Brands is not new. It was announced back in February 2024. In late July 2024, these companies, along with Hong Kong Telecommunications, participated in the Hong Kong Monetary Authority’s stablecoin issuer sandbox. Standard Chartered, one of three banks authorized to issue Hong Kong banknotes, plays a key role in this process.
Competition in the Hong Kong Stablecoin Market
With the introduction of new regulatory norms, competition in the Hong Kong stablecoin market has intensified. In late July, JD.com was reported to have registered new entities for a possible stablecoin rollout. It was also reported that Ant International, a subsidiary of Ant Group, plans to apply for stablecoin licenses in both Hong Kong and Singapore.
The establishment of the joint venture between Standard Chartered and Animoca Brands opens new horizons for the development of stablecoins in Hong Kong. This event is expected to impact the market and lead to further advancements in digital currency technologies in the region.
