In the not-so-distant financial cosmos of Hong Kong, a trio of intrepid adventurers-Animoca Brands, Standard Chartered Bank (HK), and HKT-decided that the universe needed a little more stability. Thus was born Anchorpoint Financial Limited, a joint venture that sounds as if it was dreamed up by a committee of intergalactic bureaucrats on a bad day. In true Douglas Adams fashion, one can’t help but wonder if this is the answer to life, the universe, and everything… or merely an elaborate excuse to swap paper for pixels.
- Animoca, Standard Chartered, and HKT launch Anchorpoint to apply for an HKMA stablecoin license.
- The trio joined the HKMA sandbox in 2024 to test regulated stablecoins.
- Only a few of over 40 applicants are expected to win approval.
According to a press release dated August 8, Anchorpoint Financial Limited lodged its application with the Hong Kong Monetary Authority on August 1-the very day the city’s Stablecoin Ordinance came into force. Timing, as they say, is everything-even when dealing with the cosmic ledger of digital currency. (Who knew bureaucracy could be so… punctual?) 🕒
Evan Auyang, the ever-optimistic group president of Animoca, proclaimed that this partnership was designed to “bridge the gap between traditional finance and digital assets” by ushering stablecoins into the mainstream financial ecosystem. In his own words, “We’re here to ensure that even if the universe implodes, your digital dough remains as steady as a three-legged chair in zero gravity.” And indeed, nothing says stability like a coin that’s about as changeable as a bureaucrat’s mood. 😂
Since July 2024, these three visionaries have been frolicking in the HKMA’s stablecoin sandbox, experimenting with use cases that might one day let both institutions and the everyday Joe swap money for magic digital tokens without causing a cosmic meltdown. The ordinance, in its infinite wisdom, insists that stablecoin issuers adhere to stringent risk management, maintain fiat reserves, and allow redemptions within one business day-because who doesn’t appreciate the promise of redemption when the chips are down? 🚀
Push for Regulated Stablecoins in Hong Kong
Over 40 businesses-including some of the biggest names in banking and tech-have thrown their hats into the ring, vying for the ever-elusive license. Yet, it’s expected that only a select few of these over-optimistic applicants will see the light of regulatory approval. Meanwhile, other sandbox participants such as Jingdong Coinlink Technology and RD InnoTech are hard at work on Hong Kong dollar-backed stablecoins. In the grand cosmic lottery of finance, only the fittest survive.
in the grand scheme of things, everything is just a series of interconnected, highly regulated algorithms. 😉
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2025-08-08 08:30