Animoca, Standard Chartered, HKT Form Anchorpoint for Hong Kong Stablecoin License

Animoca Brands has established Anchorpoint Financial Limited, a joint venture with Standard Chartered Bank (Hong Kong) Limited and HKT, to apply for Hong Kong’s first stablecoin issuer license under the city’s new regulatory framework.

The partnership submitted a formal interest to the Hong Kong Monetary Authority on August 1, the same day the Stablecoins Ordinance took effect, positioning itself among the first movers in Asia’s emerging regulated stablecoin market.

Strategic Partnership Targets Mainstream Financial Integration

The joint venture comes as the global stablecoin market capitalization reached a new all-time high of $261 billion in July, marking twenty-two consecutive months of growth.

Hong Kong’s regulatory framework places the city among the first global financial hubs with dedicated stablecoin licensing, creating opportunities for non-USD alternatives to challenge the dollar’s dominance in regional settlement markets.

Evan Auyang, group president of Animoca Brands, said the partnership aims to bring stablecoins into Hong Kong’s mainstream financial ecosystem.

“Stablecoins represent one of the most compelling use cases within Web3, and we believe we are still at the early frontier of widespread adoption across institutions and retail alike,” he said.

The three partners have participated in the HKMA stablecoin issuer sandbox since July 2024, exploring how stablecoins can bridge Web3 and traditional finance.

Their collaboration comes amid a broader surge in Hong Kong’s crypto sector, with at least 10 publicly traded firms raising over $1.5 billion in July through equity placements to fund blockchain and digital currency projects.

Hong Kong Accelerates Digital Asset Framework Implementation

Hong Kong’s Stablecoin Ordinance officially took effect on August 1, establishing the world’s first comprehensive licensing regime for fiat-referenced stablecoin issuers.

Any entity issuing such stablecoins in Hong Kong or abroad, if pegged to the Hong Kong dollar, must obtain HKMA licensing.

The framework requires issuers to maintain proper reserve asset management, segregate client assets, operate stabilization mechanisms, and honor redemption requests at par value.

Compliance with anti-money laundering standards, risk management protocols, disclosure rules, and auditing requirements is mandatory.

HKMA published supervision guidelines and anti-money laundering procedures on July 29, with application deadlines set for August 31 for early-stage feedback and September 30 for full submissions.

The authority warned that misleading licensing claims could result in criminal penalties.

Secretary for Financial Services Christopher Hui confirmed the Securities and Futures Commission has licensed 11 virtual asset platforms, with nine under review.

New applicants benefit from expedited procedures involving risk-based inspections since January 2025.

The government plans to regularize tokenized green bond issuance following successful 2023 and 2024 offerings.

The SFC approved tokenized investment products for retail investors, including gold tokens and money market funds, with plans for real estate and private equity tokenization.

Corporate Funding Surge Capitalizes on Regulatory Clarity

OSL Group led Hong Kong’s crypto funding wave, raising $300 million in under three days through fast-tracked bookbuilding completed in three hours.

CFO Ivan Wong described investor enthusiasm as “palpable,” with sovereign wealth and hedge funds participating.

SenseTime Group secured HK$2.5 billion to explore blockchain and stablecoin applications, while JF SmartInvest Holdings raised HK$785 million for tokenized Real World Assets investments.

Stocks tied to stablecoins surged 65% year-to-date on a dedicated index, significantly outperforming the broader Hang Seng Index.

However, HKMA urged caution against “frothiness” and “excessive exuberance” as market excitement intensified.

Private funding activity accelerated alongside public markets. Digital payments startup Kun raised over $50 million in July.

The funding surge coincides with global stablecoin sector momentum.

Tether maintained leadership with $164 billion market capitalization despite a slight dominance decline from 62.5% to 61.8%.

USD Coin grew 3.78% to $63.6 billion, while Ethena USDe posted a remarkable 43.5% growth, reaching $7.60 billion.

Tron network captured over 50% of total USDT supply for the first time since August 2024, climbing to $81.9 billion.

The sector gained regulatory support when President Trump signed the GENIUS Act on July 18, establishing federal payment stablecoin regulations with full backing requirements and monthly reserve disclosures.

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