Hong Kong Gets Its First Stablecoin Showdown – Who Will Win?

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Hold onto your iPads, folks! The city that never sleeps is about to get its very own Hong Kong-dollar stablecoin, courtesy of your favorite bank-Standard Chartered-because what the world needs now is more digital money, right? Their Hong Kong wing has teamed up with Animoca Brands, the kings and queens of Web3 fanciness, to make this happen. Imagine a digital piggy bank, but with more flash and less pig-well, probably still with a pig, but metaphorical this time! 🐖💸

In what sounds like a plot straight out of a financial soap opera, these two powerhouses decided to co-found Anchorpoint Financial Limited right there in the hustle and bustle of Hong Kong. The mission? To go begging for a shiny stablecoin issuer license from the HKMA. You know, because issuing money isn’t complicated enough-now they want a license, too. They’re all about issuing and pushing stablecoins into the wild, wild west of finance, with all the regulatory hoop-jumping you could wish for.

As if that’s not dramatic enough, Anchorpoint Financial threw its hat in the ring for the license on August 1, right after the HKMA revealed its new stablecoin rules-kind of like a kid jumping into the pool right after the lifeguard blows the whistle. Turns out, the rules were tougher than some experts predicted, which sent the share prices of local stablecoin wannabes tumbling. Stocks dropped up to 20%, prompting a collective ‘Well, that’s gonna leave a mark.’ Still, industry insiders called it a ‘healthy correction’-because nothing says healthy like a good old stock market nosedive. 📉💥

Old partners, new tricks?

Believe it or not, this isn’t the first rodeo for Standard Chartered and Animoca. They first announced their plan to launch a HK dollar-backed stablecoin back in February-yes, that’s over five months ago-and now they’re really turning up the heat. In July 2024, they were also spotted playing nice with Hong Kong Telecommunications, all trying to get in on the stablecoin sandbox excitement from the HKMA. A veritable coalition of the willing-or at least the willing to spend a lot of time in regulatory limbo.

And here’s the kicker-Standard Chartered isn’t just your run-of-the-mill bank. No, it’s one of only three authorized to issue actual Hong Kong dollars under the HKMA’s watchful eye. Take that, cashmere sweaters and luxury cars; now they’re also into digital monopoly money! 🎩💰

The Hong Kong stablecoin blockbuster – who will take home the prize?

The competition is basically the Hong Kong version of ‘Who Wants to Be a Millionaire?’ with more regulatory hurdles. The stakes got higher when China’s JD.com started registering entities for potential stablecoin launches just days before HK’s new rules kicked in. It’s like watching a high-stakes game of chess-except with more money and less patience.

Meanwhile, Ant Group, Jack Ma’s very own digital fairy godparent, was plotting stablecoin plans in Singapore and Hong Kong. Rumors say they’re eyeing a 1:1 stablecoin linked to HKD-because what’s better than digital cash that you can’t spend at a fancy cafe? Maybe just a few more zeroes, right? 🧙‍♂️✨

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2025-08-08 12:23