Standard Chartered Leads Hong Kong’s First HKD Stablecoin Initiative

Standard Chartered has teamed up with Animoca Brands and HKT to form Anchorpoint Financial, a joint venture seeking a license to issue a Hong Kong dollar-backed stablecoin. The MOVE comes just days after Hong Kong's new stablecoin regulations took effect on August 1.

The partnership leverages Standard Chartered's banking infrastructure, Animoca's blockchain expertise, and HKT's telecom and mobile payments integration. The trio has been collaborating in the HKMA's sandbox since last year, laying the groundwork for this application.

Hong Kong's Legislative Council passed the Stablecoin Issuers Bill in May, establishing strict requirements including full reserve backing and redemption rights. The HKMA expects to issue the first batch of licenses by early 2026, with industry observers anticipating limited initial approvals.