Animoca Brands and Standard Chartered Launch Stablecoin Joint Venture in Hong Kong
Animoca Brands has established a joint venture with Standard Chartered's Hong Kong division and Hong Kong Telecom, named Anchorpoint. This venture aims to develop a licensed stablecoin issuance model.
- Anchorpoint plans to apply for a stablecoin issuer license in Hong Kong.
- The application coincides with the new regulatory regime effective this month.
- The three entities have been involved in the HKMA's stablecoin sandbox for over a year.
- Approximately 40 companies are expected to seek licensing under Hong Kong's Stablecoin Ordinance, but fewer than 10 may be approved.
- Stablecoins are pegged to traditional financial assets, like fiat currencies.
- The U.S. is also moving towards regulating stablecoins under the GENIUS act.