Standard Chartered’s Hong Kong subsidiary has teamed up with Web3 firm Animoca Brands to launch a new stablecoin initiative. The two companies have formed a joint venture, Anchorpoint Financial Limited, to develop a licensed Hong Kong dollar-backed stablecoin. This move places them at the forefront of a growing race to shape the future of digital currency in the city.

Anchorpoint Financial: A Strategic Partnership

On 1 August, Anchorpoint Financial formally expressed its intent to apply for a stablecoin issuer licence with the Hong Kong Monetary Authority (HKMA). This came shortly after the HKMA introduced a new regulatory framework for stablecoins, triggering a six-month transition period for market participants.

The regulatory shift has proven stricter than expected, sparking volatility in the market. Shares of several local companies associated with stablecoin development dropped by as much as 20 percent in early August. However, industry analysts described the downturn as a healthy correction and a natural response to the tightening of regulatory standards.

Building on an Existing Relationship

The collaboration between Standard Chartered and Animoca Brands is not a sudden development. Plans for a Hong Kong dollar-backed stablecoin were first announced in mid-February. Since then, the partnership has deepened.

In late July, both companies, alongside Hong Kong Telecommunications, joined the HKMA’s stablecoin issuer sandbox programme. This initiative allows participants to test their stablecoin models under regulatory supervision, helping them prepare for full-scale operations in a compliant environment.

A Powerful Entrant in the Stablecoin Market

Standard Chartered’s involvement carries significant weight. It is one of only three institutions authorised to issue Hong Kong’s official currency, alongside HSBC and Bank of China (Hong Kong). Its entry into the stablecoin space suggests a major shift in how traditional finance is approaching digital assets, with an eye on legitimacy and regulatory compliance.

Anchorpoint Financial’s objective is to create a robust business model centred on issuing and promoting regulated stablecoins, offering both transparency and security to potential users and investors.

Rising Competition in Hong Kong’s Stablecoin Sector

The launch of Anchorpoint Financial comes amid a surge of interest in Hong Kong’s stablecoin market. Regulatory clarity has prompted several tech and finance giants to prepare their own entries.

In late July, JD.com reportedly registered entities linked to a possible stablecoin rollout. Earlier in the same month, Ant International — a Singapore-based affiliate of the Jack Ma-backed Ant Group — was also said to be seeking stablecoin licences in both Hong Kong and Singapore.

Additionally, Jingdong Coinlink Technology Hong Kong Limited, a subsidiary of JD Technology Group, announced plans to issue a 1:1 Hong Kong dollar-pegged stablecoin at the end of July.

A New Era of Digital Currency in Hong Kong

As the regulatory environment matures, Hong Kong is rapidly becoming a central hub for the development of stablecoins. With major financial and tech players entering the space, the competition is expected to intensify in the coming months.

Anchorpoint Financial, backed by Standard Chartered and Animoca Brands, positions itself as a strong contender in this evolving landscape. By combining traditional banking credibility with Web3 innovation, the venture reflects the merging paths of conventional finance and decentralised technologies.