Hong Kong aims to be a major player in the digital asset space. Two big names in finance are helping make that happen. Standard Chartered bank and Web3 investment firm Animoca Brands are making a big move. They announced Friday they are applying for a license to issue stablecoins in Hong Kong.
Earlier this year, these companies formed a joint venture. They teamed up with Hong Kong Telecommunications to create a stablecoin. This digital coin will be tied to the Hong Kong dollar. Their new company is called Anchorpoint Financial Limited. Its clear goal is to be among the first licensed stablecoin issuers. This is under Hong Kong Monetary Authority (HKMA) rules.
Anchorpoint officially told the HKMA it wants a stablecoin issuer license. They submitted this request on August 1st. This follows the steps outlined on the HKMA’s website. These three groups have worked together for over a year. They participated in an HKMA stablecoin “sandbox” program. This helped them get ready for the new rules. The new regulations just started this month.
The sandbox let them test how old-school finance connects with Web3 tech. It prepared them for the stablecoin rules. This whole effort supports Hong Kong’s big plan. They want to become a major global hub for digital assets.
Evan Auyang, Group President of Animoca Brands, shared his thoughts. He said Animoca Brands is proud to work with Standard Chartered and HKT on Anchorpoint. Their goal is to bring stablecoins into Hong Kong’s main financial system.
Growing Interest in Digital Money
This push by Standard Chartered and Animoca Brands comes at a good time. People are showing more interest in stablecoins. These digital tokens are linked to something stable, like the U.S. dollar. Friendly government rules are popping up worldwide. Hong Kong, Europe, and the U.S. are all showing interest. This encourages banks and finance companies to use stablecoins. Last month, President Trump signed the GENIUS Act. This law sets up rules for stablecoins in the U.S.
Auyang believes stablecoins are a top use for Web3. He sees them on the verge of widespread adoption. This includes both big companies and everyday shoppers. He added that regulated stablecoins will boost Hong Kong’s role. It will keep it a top international financial hub.
About 40 companies might apply for these Hong Kong stablecoin licenses. HKMA Chief Executive Eddie Yue said they expect to approve fewer than 10. This was reported by CoinDesk.