Standard Chartered launches stablecoin venture in Hong Kong
Hong Kong’s financial sector is experiencing a shift as major institutions respond to the city’s new stablecoin framework. Among these, the Hong Kong branch of Standard Chartered has partnered with Web3 company Animoca Brands to develop a stablecoin backed by the Hong Kong dollar. This collaboration has led to the formation of Anchorpoint Financial Limited, a joint venture designed to operate within Hong Kong’s evolving regulatory landscape.
A strategic alliance takes shape
Anchorpoint Financial formally submitted its application for a stablecoin licence to the Hong Kong Monetary Authority on 1 August. This move coincided with the launch of Hong Kong’s new stablecoin framework, following a six-month transition period.
The introduction of the new regulations brought unforeseen challenges. The rules proved to be more stringent than many market participants had anticipated, resulting in a noticeable market reaction. Shares of some Hong Kong-based companies associated with stablecoin concepts fell by up to 20 per cent in early August. Industry analysts viewed this as a necessary correction, helping to distinguish serious operators from speculative ventures.
Building on established foundations
In February 2024, Standard Chartered and Animoca Brands first announced their long-term commitment to the market by revealing plans to introduce a stablecoin backed by the Hong Kong dollar. Their collaboration has since deepened. In late July 2024, both companies, along with Hong Kong Telecommunications, participated in the Hong Kong Monetary Authority’s stablecoin issuer sandbox.
Standard Chartered’s involvement is particularly noteworthy due to its role in Hong Kong’s monetary system. It is one of only three institutions—alongside HSBC and Bank of China (Hong Kong)—authorised to issue the city’s fiat currency under the oversight of the HKMA. This position affords the bank a detailed understanding of currency operations that few others possess.
Rising competition in Hong Kong’s stablecoin market
Hong Kong’s stablecoin sector is becoming increasingly competitive as clearer regulations attract established firms from across the region. The rollout of new rules has prompted several major companies to act swiftly.
JD.com registered entities linked to potential stablecoin operations at the end of July, just before the regulatory framework came into effect. Ant International, the Singapore-based subsidiary of Ant Group, is reportedly preparing applications for stablecoin issuer licences in both Hong Kong and Singapore.
Adding to the competitive landscape, Jingdong Coinlink Technology Hong Kong Limited, a subsidiary of JD Technology Group, announced plans in late July 2024 to launch a stablecoin pegged 1:1 to the Hong Kong dollar.
Expert perspective: The first-mover advantage
The strategic implications of being among the early applicants in this regulated environment cannot be overstated. Justin d’Anethan, Head of Sales at US-based token launch service company Liquifi, offers valuable insight into why timing is critical in this emerging market.
Justin explained that in Asia’s crypto scene, Hong Kong and Singapore are the dominant hubs, but Hong Kong is now edging ahead, taking calculated risks. Meanwhile, Singapore remains cautious following the bear market and the FTX fallout.
He further noted, “It’s seizing a rare window when regulators are open, and the rules are clear enough to act. With heavyweight local brands behind it, this move could spark a network effect that Standard Chartered captures before competitors even set foot on the pitch. In stablecoins, trust compounds, and being first means compounding starts now.”
Building a blueprint for regulated digital money
The partnership structure between Standard Chartered, Animoca Brands, and Hong Kong Telecommunications represents a unique model in the stablecoin space. d’Anethan sees this combination as particularly powerful, explaining, “This joint venture combines institutional credibility, Web3 reach, and distribution infrastructure.”
Commenting on how this venture could shape Hong Kong’s regional leadership in stablecoin adoption, Justin highlighted the combined strengths of the partners: “Standard Chartered has the banking rails and trust regulators take seriously. Animoca has on-chain expertise. HKT has the distribution power and network security,” he said.
If executed effectively, he believes the collaboration could establish Hong Kong as “the regional blueprint for compliant digital money flows,” unlocking use cases ranging from retail payments to cross-border trade.
