Main Web3 investor Animoca Manufacturers has fashioned a stablecoin three way partnership (JV) with the Hong Kong division of multinational financial institution Normal Chartered (2888).
The JV, often called Anchorpoint, additionally contains Hong Kong Telecom (HKT) and goals to construct a enterprise mannequin for the issuance of licensed stablecoins, in keeping with an emailed announcement on Friday.
Anchorpoint has expressed its curiosity in making use of for a stablecoin issuer license in Hong Kong coinciding with the particular administrative area’s much-anticipated regulatory regime coming into impact at the start of this month.
The three entities have been collectively taking part within the Hong Kong Financial Authority’s (HKMA) stablecoin sandbox for over a yr in preparation for the regulation.
Round 40 companies are expected to apply for licensing underneath Hong Kong’s Stablecoin Ordinance, although HKMA CEO Eddie Yue mentioned the regulator was more likely to approve fewer than 10.
Stablecoins are crypto tokens pegged to the value of a traditional financial asset, equivalent to a fiat forex, normally the U.S. greenback. They’ve been a central a part of creating regulatory oversight of cryptocurrency in 2025, with the U.S. moving to regulate stablecoins under the GENIUS act, in addition to the appearance of the licensing regime in Hong Kong.