Standard Chartered, Animoca Brands, and HKT have joined forces to establish Anchorpoint Financial, a joint venture that is seeking a license to issue a stablecoin backed by the Hong Kong dollar under the city’s new regulatory framework. This collaboration comes after more than a year of working together in the Hong Kong Monetary Authority’s stablecoin issuer sandbox, with each partner bringing their expertise to the table.
Standard Chartered is contributing its banking infrastructure and governance frameworks, while Animoca is bringing its blockchain ecosystem knowledge, and HKT is providing telecommunications and mobile payments integration. The venture officially notified the HKMA of its intention to apply for a stablecoin license shortly after the new law governing fiat-pegged stablecoins came into effect on August 1.
The Stablecoin Issuers Bill, passed by Hong Kong’s Legislative Council on May 21, sets out licensing requirements for entities issuing digital tokens pegged to fiat currencies. These requirements include full reserve backing, redemption rights, and risk management standards, with the HKMA serving as the licensing authority. The first batch of stablecoin licenses is expected to be issued in early 2026, with only a limited number of licenses initially granted.
Under the new regulations, stablecoin issuers must verify the identity of each token holder for anti-money laundering purposes. While this requirement aims to enhance compliance, some industry participants have raised concerns that it could hinder adoption by limiting the use of tokens in certain applications.
The proposed HKD-backed stablecoin from Anchorpoint would operate under HKMA oversight, ensuring compliance with regulatory standards. The partners envision the stablecoin serving as a settlement instrument for cross-border trade and as a gateway for Web3 applications within Animoca’s ecosystem, leveraging HKT’s mobile payment network to reach retail users in Hong Kong and beyond.
Anchorpoint’s early application for a stablecoin license positions it as one of the pioneers in meeting Hong Kong’s strict regulatory requirements. The HKMA will assess factors such as technical resilience, reserve management, and compliance readiness before approving any stablecoin issuance.
As the venture awaits the HKMA’s licensing decisions in the coming year, the market’s reception will depend on factors such as transaction costs, integration with existing payment systems, and the interpretation of identity verification rules. Nonetheless, this step signals the potential for regulated, fiat-pegged digital currencies to gain mainstream acceptance in Hong Kong.
The progress of Anchorpoint Financial will be closely monitored as it navigates the evaluation process set out by the HKMA, paving the way for a new era of digital asset initiatives in the region.