Animoca and Standard Chartered form stablecoin venture in Hong Kong

Standard Chartered’s Hong Kong arm and Animoca Brands have launched a joint venture, Anchorpoint Financial, to develop a licensed Hong Kong dollar stablecoin.

The Hong Kong subsidiary of major bank Standard Chartered has partnered with Web3 software company Animoca Brands to develop a Hong Kong-dollar stablecoin.

According to a Friday announcement from Animoca Brands, the two companies jointly established Anchorpoint Financial Limited in Hong Kong to apply for a local stablecoin issuer license. The shared subsidiary will be tasked with building a business model focused on issuing and advancing licensed stablecoins.

Per the announcement, Anchorpoint Financial already indicated formal interest in obtaining a stablecoin license with the Hong Kong Monetary Authority on Aug. 1. This followed the regulator’s implementation of its new stablecoin framework through a six-month transition period with special rules.

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