Animoca Brands, a prominent Web3 investor, has collaborated with Standard Chartered's Hong Kong division to establish a joint venture focused on stablecoins. The venture, known as Anchorpoint, also includes Hong Kong Telecom and aims to create a business model for issuing licensed stablecoins, as announced via email on Friday. Anchorpoint has expressed interest in obtaining a stablecoin issuer license in Hong Kong, coinciding with the region's newly implemented regulatory framework.
Over the past year, the three entities have participated in the Hong Kong Monetary Authority's stablecoin sandbox in preparation for the new regulations. With around 40 companies expected to apply for licenses under Hong Kong's Stablecoin Ordinance, the regulator anticipates approving fewer than 10.
Stablecoins, which are cryptocurrency tokens pegged to traditional assets like fiat currencies, have been a key focus of regulatory efforts in the cryptocurrency space, including the introduction of the GENIUS act in the U.S. and Hong Kong's licensing regime.