Hong Kong Standard Chartered Partners with Animoca and HKT to Issue Stablecoins

Standard Chartered Bank (SCBHK) in Hong Kong has established a joint venture, Anchorpoint Financial Limited, with Animoca Brands and Hong Kong Telecom (HKT) and is entering the stablecoin issuance business.

On the 7th (local time), Animoca Brands announced in a statement, "Anchorpoint Financial Limited officially conveyed its intention to apply for a stablecoin issuer license to the Hong Kong Monetary Authority (HKMA) with the enactment of the Stablecoins Ordinance on the 1st," revealing these developments.

Evan Auyang, President of Animoca Brands Group, stated, "Stablecoins are among the most compelling use cases in Web3," and added, "By introducing fiat-pegged stablecoins regulated by the HKMA in Hong Kong, we aim to expand adoption among both institutions and individuals, and to help solidify Hong Kong's status as an international financial hub."

Animoca Brands, SCBHK, and HKT have been participating since July last year in the HKMA’s Stablecoin Issuer Sandbox Program, jointly exploring ways that stablecoins can bridge Web3 and traditional finance, and play a key role in advancing the financial markets and payment infrastructure.