Animoca and Standard Chartered Bank establish a stablecoin joint venture in Hong Kong.

CN
2 hours ago

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

According to an announcement released by Animoca Brands on Friday, the two companies have jointly established Anchorpoint Financial Limited in Hong Kong and are applying for a local stablecoin issuer license. This joint subsidiary will be responsible for establishing a business model focused on issuing and promoting licensed stablecoins.

The announcement stated that Anchorpoint Financial formally expressed its interest in obtaining a stablecoin license to the Hong Kong Monetary Authority (HKMA) on August 1. Previously, the regulatory body implemented a new stablecoin framework with a six-month transition period and special rules.

These rules are stricter than many market participants expected, leading to significant sell-offs in the stock prices of related local companies. Reports in early August indicated that some Hong Kong-based stablecoin concept companies saw their stock prices drop by as much as 20%, but experts described this event as a healthy adjustment after a reality check.

The partnership between Standard Chartered Bank and Animoca Brands is not new. They first announced plans to launch a Hong Kong dollar-backed stablecoin in mid-February.

However, the collaboration between the two companies goes beyond this. Reports indicate that in late July 2024, an alliance consisting of Standard Chartered Bank, Animoca Brands, and Hong Kong Telecom participated in the HKMA's stablecoin issuer sandbox.

The involvement of Standard Chartered Bank in the Hong Kong dollar-backed stablecoin is particularly noteworthy. The bank is one of three entities—alongside HSBC and Bank of China (Hong Kong)—authorized to issue the city's legal currency under the supervision of the HKMA.

As new regulatory clarity pushes the industry toward a higher level of maturity, the competition to dominate the Hong Kong stablecoin market intensifies. At the end of July, it was reported that Chinese e-commerce giant JD.com registered entities related to a potential stablecoin launch just days before the stablecoin regulations in Hong Kong came into effect.

In early July, it was reported that Ant Group's Singapore branch, supported by Jack Ma, planned to apply for a stablecoin issuer license in Hong Kong and Singapore. Prior to these initiatives, JD Technology Group's subsidiary, JD Digital Technology Hong Kong Limited, announced plans to issue a stablecoin pegged 1:1 to the Hong Kong dollar in late July 2024.

Related: JD.com actively recruits "on-chain operators," CMB International Public Fund "goes on-chain"

Original text: “Animoca and Standard Chartered Bank Establish Stablecoin Joint Venture in Hong Kong”

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