Standard Chartered & Animoca Pursue HKD Stablecoin License
Standard Chartered Bank’s Hong Kong arm and blockchain firm Animoca Brands have formed a joint venture, Anchorpoint Financial Limited, to pursue an HKD stablecoin license under Hong Kong’s new regulatory framework. The JV formally applied to the Hong Kong Monetary Authority on August 1 and plans to develop a compliant HKD stablecoin for retail and institutional use cases, including blockchain gaming, NFT marketplaces and cross-border payments. Leveraging Standard Chartered’s local currency issuance license—one of only three in Hong Kong—and Animoca’s Web3 expertise, Anchorpoint aims to launch the regulated stablecoin by early 2025, pending approval. Following a July sandbox trial with Hong Kong Telecom and amid competition from JD Digital and Ant Group, traders should monitor this HKD stablecoin project for potential liquidity and trading opportunities in Hong Kong’s evolving crypto market.
Bullish
This joint venture signals regulatory approval of a new HKD stablecoin, likely increasing market liquidity and expanding trading options for traders. In the short term, the formal application and sandbox trials with Hong Kong Telecom could generate positive sentiment, leading to higher stablecoin trading volumes and tighter spreads. Over the longer term, the entry of a regulated bank-backed stablecoin from Standard Chartered and Animoca Brands can strengthen institutional adoption, foster cross-border payment solutions and support the broader development of Hong Kong’s crypto ecosystem. Historical precedents show that regulated stablecoins often improve market stability and attract institutional liquidity, suggesting a bullish outlook for the HKD stablecoin and related crypto markets.