Major web3 investor Animoca Brands has formed a stablecoin joint venture (JV) with the Hong Kong division of multinational bank Standard Chartered (2888).

The JV, known as Anchorpoint, also includes Hong Kong Telecom (HKT) and aims to build a business model for the issuance of licensed stablecoins, according to an emailed announcement on Friday.

Anchorpoint has expressed its interest in applying for a stablecoin issuer license in Hong Kong coinciding with the special administrative region's much-anticipated regulatory regime coming into effect at the start of this month.

The three entities have been jointly participating in the Hong Kong Monetary Authority's (HKMA) stablecoin sandbox for over a year in preparation for the regulation.

Around 40 companies are expected to apply for licens

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