Sou Hu Cai Jing·2025-06-19 13:02Core Viewpoint - The article discusses the emergence of stablecoins in Hong Kong, particularly focusing on the collaboration between Animoca Brands, Standard Chartered Bank, and Hong Kong Telecom to issue a Hong Kong dollar-pegged stablecoin, which is seen as a crucial link for cross-border transactions and financial settlements in the region [6][7][18]. Group 1: Stablecoin Development - The Hong Kong government has announced that the Stablecoin Regulation will take effect on August 1, 2025, marking a significant step in the regulatory framework for stablecoins [6]. - Animoca Brands is one of the first participants in the stablecoin issuance sandbox, alongside Standard Chartered Bank and Hong Kong Telecom, and they have formed a joint venture to prepare for the issuance of the stablecoin [6][7]. - The stablecoin is expected to facilitate various applications, including virtual asset transactions within gaming ecosystems and cross-border trade settlements [16][17]. Group 2: Company Overview - Animoca Brands initially gained recognition in the blockchain gaming sector and has since expanded into Web3, focusing on decentralized identity and education projects [14][15]. - The company's business model includes self-developed projects, returns from investments in over 570 Web3 companies across various sectors, and consulting services akin to investment banking [15][16]. - The collaboration with Standard Chartered and Hong Kong Telecom aims to leverage their respective strengths in banking and retail to enhance the stablecoin's market reach [16][19]. Group 3: Market Implications - The stablecoin is positioned as a vital tool for connecting mainland asset transactions to international markets, especially given Hong Kong's status as a major offshore RMB trading center [7][18]. - The article highlights the potential for the stablecoin to support a wide range of financial products and services, indicating a trend towards the digitization of financial assets on public blockchains [17][18]. - Animoca Brands emphasizes the need for a neutral currency in Hong Kong to facilitate international transactions, particularly in light of geopolitical influences [18][19]. Group 4: Regulatory Environment - The article notes that the Hong Kong Monetary Authority (HKMA) is actively working on a regulatory framework for stablecoins, which is crucial for building a compliant financial ecosystem [24][25]. - The company has gained valuable compliance experience during the sandbox testing phase, focusing on investor protection and regulatory requirements [21][26]. - There is a recognition that while stablecoins can offer high security, the lack of regulatory oversight poses risks, necessitating a push for legally compliant stablecoin solutions [26].