Standard Chartered, along with Animoca Brands and HKT, is making a big move in the world of digital finance. They’ve teamed up to apply for a license to issue stablecoins in Hong Kong.
A Joint Venture for Stablecoins
The three companies formed a new joint venture (JV) called Anchorpoint Financial. Their goal? To create and manage licensed stablecoins in Hong Kong. This is a significant step, as Hong Kong recently passed a new law requiring licenses for companies issuing fiat-backed digital tokens.
Key Players in the Venture
- Animoca Brands: A Hong Kong-based Web3 company focused on blockchain gaming and NFTs.
- HKT: A major telecommunications company in the region.
- Standard Chartered: A large UK-based bank that’s been increasingly active in the digital asset space. They recently became the first major global bank to offer institutional Bitcoin and Ethereum trading.
The Road to a License
While Anchorpoint is first in line to apply, getting the license won’t be quick. Experts predict the first licenses might not be issued until 2026, and only a few companies will likely be approved initially.
A Big Deal for the Crypto World
This move is a big deal. It shows that major financial institutions are taking stablecoins seriously and are actively looking to participate in the growing digital asset market. It also highlights Hong Kong’s commitment to becoming a leading hub for regulated digital assets.
Bitcoin Update (Unrelated)
Bitcoin’s price has seen some recent fluctuations. While it briefly climbed above $117,000, it’s currently around $115,900. Interestingly, smaller investors have been buying Bitcoin more aggressively than miners recently, according to data from Glassnode.