Animoca Joins Forces with Standard Chartered & HKT to Secure Coveted Hong Kong Stablecoin License

Hong Kong's crypto landscape just got a major power player. Animoca Brands—the blockchain gaming giant—teams up with banking heavyweight Standard Chartered and telecom leader HKT to chase a stablecoin license in Asia's financial hub.

Why it matters: This trifecta combines Animoca's Web3 clout, StanChart's regulatory muscle, and HKT's infrastructure—a textbook play for dominating the next wave of institutional crypto adoption.

The cynical take: Because nothing says 'decentralized future' like old-money banks and telecom oligarchs holding the stablecoin leash. But hey—progress beats purity when regulators come knocking.

Push for regulated stablecoins in Hong Kong

More than 40 businesses, including big banks and tech companies, have applied for licenses, though it is expected that only a small percentage of these applications will be approved. Other sandbox participants include Jingdong Coinlink Technology and RD InnoTech, which are developing Hong Kong dollar–backed stablecoins.

Animoca’s chairman, Yat Siu, has pointed to the unique position of HKD stablecoins, which are indirectly pegged to the U.S. dollar, as a regulated alternative outside the U.S. market. He believes that Hong Kong’s clear regulatory approach is a driving force behind innovation, which could hasten the adoption of digital payments and solidify the city’s position as a major international financial center. 

On a global scale, Hong Kong’s framework is similar to actions taken in other jurisdictions to establish regulated stablecoin markets, such as the EU’s MiCA regulations and the United States’ GENIUS Act. The initiative is a reflection of Animoca’s strategy of integrating blockchain adoption with compliance-focused financial products.