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Standard Chartered Joins Forces with Animoca to Apply for Hong Kong Stablecoin License

Standard Chartered is making significant strides in the cryptocurrency landscape by partnering with Animoca Brands and HKT to apply for a stablecoin license in Hong Kong.

This joint venture, named Anchorpoint Financial, aims to develop a business model focused on the issuance of licensed stablecoins, following the recent approval of Hong Kong's Stablecoin Ordinance.

The law requires any entity wishing to issue fiat-backed stablecoins to obtain a license from the Hong Kong Monetary Authority (HKMA).

Evan Auyang, president of Animoca Brands, highlighted the potential of stablecoins to become an integral part of Hong Kong’s financial ecosystem.

Mary Huen, CEO of Standard Chartered Hong Kong, echoed this sentiment, emphasizing the potential enhancement of the region's digital asset landscape.

However, despite their proactive approach, the issuance of stablecoins by Anchorpoint may not happen immediately, as the first licenses may not be awarded until 2026.

The collaboration signals a strong commitment from a major banking entity to engage with the evolving digital asset market in Hong Kong.

In a broader context, Hong Kong’s regulatory framework aims to attract serious players and position the city as a leader in the digital finance space.

With a global stablecoin market cap approaching $261 billion, the timing of this initiative aligns with increasing interest in stablecoins across various sectors.

As the digital economy grows, this partnership may pave the way for innovative financial solutions that integrate stablecoins into existing systems.