Standard Chartered’s Hong Kong arm and Animoca Brands have launched a joint venture named Anchorpoint Financial to develop a licensed Hong Kong dollar stablecoin. This initiative was announced on August 1, following the Hong Kong Monetary Authority's implementation of stricter guidelines for stablecoin regulation. The new subsidiary aims to advance a business model for issuing licensed stablecoins. The collaboration between Standard Chartered and Animoca Brands, which has been in the works since February, also extends to participation in stablecoin sandboxes established by the HKMA. The bank, alongside HSBC and Bank of China (Hong Kong), holds authorization to issue the city’s fiat currency. As the regulatory environment becomes clearer, competition in the Hong Kong stablecoin market intensifies, with notable players like JD.com and Ant International also gearing up to launch their stablecoins ahead of enforcement.

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