In a major step toward bridging traditional finance and digital assets, Animoca Brands, Standard Chartered Bank (Hong Kong), and HKT have joined forces to form Anchorpoint Financial Limited, a joint venture that aims to become one of Hong Kong’s first licensed stablecoin issuers.
Anchorpoint Applies for Stablecoin License
According to an August 8 announcement, Anchorpoint officially submitted its application to the Hong Kong Monetary Authority (HKMA) on August 1, the same day the city’s Stablecoin Ordinance came into effect. The new law outlines strict rules for issuing fiat-backed stablecoins, including mandatory fiat reserves, 1-day redemption windows, and robust risk management protocols.
Not Their First Rodeo: Sandbox Testing Since 2024
This partnership isn’t starting from scratch. All three companies have been actively participating in the HKMA’s stablecoin sandbox since July 2024, testing real-world use cases designed to encourage both retail and institutional adoption of regulated stablecoins.
Evan Auyang, Group President of Animoca, said the goal is to “bridge the gap between traditional finance and Web3”, adding that regulated stablecoins could make digital finance more accessible and trustworthy to the broader public.
Regulatory Race: 40+ Applicants, Few Will Be Approved
Over 40 entities including major banks, fintech firms, and crypto players have applied for stablecoin licenses in Hong Kong. But only a select few are expected to get the green light.
Other sandbox participants include:
- Jingdong Coinlink Technology
- RD InnoTech
Both are working on stablecoins backed by the Hong Kong dollar (HKD).
What sets Anchorpoint apart is the diverse background of its founding partners: a blockchain pioneer (Animoca), a legacy bank (Standard Chartered), and a telecom giant (HKT).
Why It Matters Globally
Animoca’s chairman, Yat Siu, highlighted that HKD-backed stablecoins offer a unique opportunity. Since the HKD is indirectly pegged to the U.S. dollar, it gives global users a USD-linked stablecoin that’s regulated outside of the United States.
He also praised Hong Kong’s clear regulatory stance as a key driver for innovation one that could help the city cement its place as a leading international financial hub for digital assets.
This move aligns with global trends toward regulated stablecoin ecosystems, such as the EU’s MiCA regulations and the U.S. GENIUS Act, both aiming to bring structure and safety to the rapidly evolving stablecoin market.
Final Thoughts
The formation of Anchorpoint Financial is more than a licensing move—it’s a signal that regulated stablecoins are going mainstream, and Hong Kong wants to lead the charge.
By combining financial credibility, blockchain expertise, and telecom infrastructure, this trio could play a pivotal role in shaping how digital payments are adopted across Asia and beyond.
All eyes are now on HKMA’s next move as the first batch of licenses is expected to be announced in the coming months.
