Anchorpoint Financial Limited, formed by Standard Chartered (HK) and Animoca Brands, has applied for a HK stablecoin license amid a strict regulatory framework triggering market corrections and heightened competition in the HK stablecoin space.
According to a Friday press release, the Hong Kong subsidiary of Standard Chartered partnered with Animoca Brands to establish Anchorpoint Financial Limited, applying for a HK stablecoin issuer license. This move follows a new HKMA stablecoin framework that triggered a sell-off in local stocks and marks a continuation of long-planned efforts for a HK dollar-backed stablecoin, with participation in the HKMA sandbox since July 2024. The competitive landscape also includes initiatives by JD.com, Ant International, and Jingdong Coinlink Technology.