Animoca & Standard Chartered HK Forge Crypto Alliance in Hong Kong Stablecoin License Race

Hong Kong's crypto landscape just got hotter. Animoca Brands—the blockchain gaming giant—teams up with banking heavyweight Standard Chartered HK to gun for the city's coveted stablecoin license. Because nothing says 'financial revolution' like legacy banks holding hands with Web3 rebels.

Why This Matters

The partnership throws Animoca's Web3 muscle behind StanChart's regulatory clout—a classic case of 'if you can't beat 'em, get them to file your compliance paperwork.' Hong Kong's tightening stablecoin rules demand deep pockets and deeper patience; this duo's betting they've got both.

The Bigger Game

While TradFi veterans yawn at yet another stablecoin, the real play here is infrastructure. A licensed Hong Kong dollar-pegged token could become the liquidity bridge between Asia's crypto markets and its old-money corridors. Just don't mention Tether's 90% market share at the pitch meeting.

Bottom Line: When banks and blockchain collide, expect fireworks—or at least a very expensive filing cabinet. Hong Kong's crypto pivot just got its most intriguing power couple.

TLDR

• Animoca, Standard Chartered, and HKT formed Anchorpoint to seek a stablecoin license in Hong Kong.

• The HKMA’s Stablecoin Ordinance took effect on August 1, 2025.

• The trio joined the HKMA stablecoin sandbox in July 2024.

• Only a small share of over 40 applicants are expected to get licenses.

Animoca Brands has partnered with Standard Chartered Bank (Hong Kong) and Hong Kong Telecommunications (HKT) to create a joint venture named Anchorpoint Financial Limited. The new entity has applied for a stablecoin issuer license with the Hong Kong Monetary Authority (HKMA).

The application was submitted on August 1, the same day the city’s Stablecoin Ordinance came into force. This law requires stablecoin issuers to hold sufficient fiat reserves, meet strict risk controls, and redeem tokens within one business day.

Evan Auyang, group president of Animoca Brands, said the venture’s aim is to connect traditional finance with digital assets through regulated stablecoins.

“As assets continue to MOVE on-chain, the HKMA-regulated fiat-referenced stablecoin is important in reinforcing Hong Kong’s position as a leading international financial center,” he said.

Background on Hong Kong stablecoin regulations

Hong Kong’s Stablecoin Ordinance mandates that issuers of fiat-backed stablecoins must be licensed by the HKMA before operating.

This framework as a result seeks to support the adoption of stablecoins in both retail and institutional markets while ensuring financial stability.

The three companies have been testing use cases for stablecoins since joining the HKMA’s regulatory sandbox in July 2024. The Sandbox has allowed them to experiment with payment and settlement solutions under close regulatory supervision.

Competitive licensing environment

Concurrently, more than 40 companies, including major banks and technology firms, have applied for the stablecoin license. However, only a few are expected to receive approval due to the strict requirements.

Other participants in the sandbox include Jingdong Coinlink Technology and RD InnoTech, both working on Hong Kong dollar-backed stablecoins.

Yat Siu, chairman of Animoca Brands, said Hong Kong’s HKD stablecoins are indirectly pegged to the U.S. dollar, offering a regulated option outside the U.S. market. He added that clear regulations in the city could speed up digital payment adoption.

Global alignment in stablecoin oversight

Hong Kong’s approach subsequently aligns with similar regulatory moves worldwide. In the European Union, the Markets in Crypto-Assets (MiCA) framework governs stablecoin issuance, while in the United States, the GENIUS Act has been proposed to establish national rules.

The formation of Anchorpoint reflects Animoca’s wider strategy to integrate blockchain solutions with compliance-focused products.

The joint venture as a result plans to explore how stablecoins can support payment systems and capital market growth while bridging Web3 and traditional finance.