Standard Chartered, Animoca team up for first Hong Kong stablecoin push

Standard Chartered and Animoca Brands have launched a joint venture, Anchorpoint, to apply for a license to issue a Hong Kong stablecoin, marking one of the first major initiatives under the city’s new digital asset laws. The partnership plans to operate within Hong Kong’s recently implemented fiat-referenced stablecoin framework, which came into effect on August 1.

Mary Huen, Standard Chartered’s CEO for Hong Kong, Greater China, and North Asia, said the bank sees stablecoins as a vital part of the city’s financial future.

“We believe stablecoins will play an important role in building a sustainable digital asset ecosystem in Hong Kong and are dedicated to supporting the city as an international financial centre and digital assets hub,” — Mary Huen, CEO, Standard Chartered Hong Kong & Greater China.

The venture’s notification to the Hong Kong Monetary Authority (HKMA) signals a strong vote of confidence in the city’s ambition to become a regulated hub for digital currencies.

Hong Kong’s regulated stablecoin era

Under the new law, any company issuing or marketing fiat-backed stablecoins to retail investors must obtain a license from the HKMA. The framework reflects Hong Kong’s effort to balance investor protection with innovation, ensuring the Hong Kong stablecoin market develops under clear oversight.

Animoca Brands co-founder and executive chairman Yat Siu said the legislation could mark a pivotal shift for the industry.

“Clearer regulation could allow us to drive customer acquisition, as more individuals and businesses will feel assured about participating in stablecoin ecosystems under regulatory oversight,” — Yat Siu, Co-founder, Animoca Brands, in an interview with Decrypt.

Hong Kong officials have long touted stablecoins as tools for boosting cross-border payments, streamlining retail transactions, and strengthening business-to-business financial services. The Hong Kong stablecoin framework is designed to give companies legal clarity while reinforcing the city’s role as a global trading hub.

Why Anchorpoint matters for the market

Anchorpoint brings together a traditional banking powerhouse and a major Web3 player, a combination that could accelerate mainstream trust in a Hong Kong stablecoin. Standard Chartered’s reputation for regulatory compliance and Animoca’s blockchain expertise could position the venture as a leader in the space.

The two companies previously joined the HKMA’s stablecoin issuer sandbox in July 2024, testing operational readiness under simulated regulatory conditions. While neither firm has detailed specific products yet, the potential applications are broad, from merchant payments to tokenized trade finance.

Siu said a Hong Kong stablecoin could tap into the city’s historic strength in facilitating international commerce.

“Given Hong Kong’s longstanding reputation as a global hub for the exchange of goods and services, a locally issued stablecoin could naturally facilitate cross-border payments, retail transactions, and B2B services,” — Yat Siu, Animoca Brands.

Global and local implications

For crypto investors, the move could offer a stable, regulated on-ramp into the Hong Kong market. For policy makers, it’s a test case for integrating traditional finance with blockchain under a robust legal framework. And for the general public, it could mean more trusted digital payment options in everyday life.

Industry analysts note that Hong Kong’s stablecoin initiative comes as other jurisdictions, including the EU and Singapore, tighten rules for digital assets. If successful, the Hong Kong stablecoin model could become a blueprint for other global financial centers seeking to regulate—without stifling—innovation.

Standard Chartered did not immediately respond to inquiries about potential launch timelines or which fiat currency the Hong Kong stablecoin would be pegged to. But with licensing now open, the market could see its first regulated issuers emerge before the end of 2025.