Standard Chartered & Animoca Dey Pursue HKD Stablecoin License
Standard Chartered Bank for Hong Kong side and blockchain company Animoca Brands don form joint venture wey dem call Anchorpoint Financial Limited to chase HKD stablecoin license under Hong Kong new regulation framework. Dem formally apply to Hong Kong Monetary Authority on August 1, and dem plan to develop compliant HKD stablecoin wey fit use for retail and institutional cases like blockchain gaming, NFT marketplaces, and cross-border payments. Dem go leverage Standard Chartered local currency issuance license – one of only three for Hong Kong – plus Animoca Web3 expertise. Anchorpoint dey plan to launch regulated stablecoin by early 2025 if dem approve am. After July sandbox trial with Hong Kong Telecom and with competition from JD Digital and Ant Group, traders suppose dey watch this HKD stablecoin project for possible liquidity and trading chance for Hong Kong crypto market wey dey grow.
Bullish
Dis joint venture dey signal regulatory approval of new HKD stablecoin, wey fit increase market liquidity and expand trading options for traders. For short term, di formal application and sandbox trials with Hong Kong Telecom fit generate positive sentiment, wey go lead to higher stablecoin trading volumes and tighter spreads. For long term, di entry of regulated bank-backed stablecoin from Standard Chartered and Animoca Brands fit strengthen institutional adoption, foster cross-border payment solutions and support di broader development of Hong Kong’s crypto ecosystem. Historical precedents show say regulated stablecoins dey often improve market stability and attract institutional liquidity, wey dey suggest bullish outlook for di HKD stablecoin and related crypto markets.