Animoca’s CEO Brings Bus Logic to Blockchain
Evan Auyang, Animoca Brands’ president, uses his background in finance and public transport to shape the company’s strategy. He champions a regulated Hong Kong dollar stablecoin, Anchorpoint, and is steering Animoca toward AI while critiquing the speculative nature of crypto.
By Felo News Desk · Published
Evan Auyang’s résumé reads like a résumé for a city planner: finance, consulting, and a stint as deputy managing director of Kowloon Motor Bus. When he joined Hong Kong’s most visible Web 3 company, Animoca Brands, he brought a fresh perspective on how blockchain can serve the public, much like a bus lowers travel costs for everyone.
From Buses to Blockchain
During a mid‑August interview with Fortune, Auyang compared a stablecoin to a bus. “A bus lowers the cost for every single person going to the right destination,” he said. “You can deploy a bus anywhere, and you don’t have to have every single bus route be profitable.” This analogy underpins his push for a regulated, Hong Kong dollar‑denominated stablecoin that could become a backbone for Greater China’s capital markets.
Anchorpoint: A Regulated Stablecoin
On the same morning Auyang spoke to Fortune, Anchorpoint—a joint venture of Animoca, Standard Chartered and HKT—began rolling out its Hong Kong dollar stablecoin. The project is one of the first to apply for a license under Hong Kong’s new stablecoin regime, which requires issuers to hold at least HK$25 million in paid‑up capital and back every coin with liquid, safe assets. In April, the Hong Kong Monetary Authority cleared only two of 36 applicants: Anchorpoint and HSBC.
“We’re not trying to be the next Tether,” Auyang said. “We’re trying to be the regulated rails that bring Greater China on‑chain.” The stablecoin’s advantage lies in its peg to the U.S. dollar since 1983, offering stability while remaining outside U.S. regulatory control.
Why a Stablecoin Matters
Auyang argues that a stablecoin’s value is its ability to connect the world’s 1.3 billion unbanked people to financial services. “If there’s no purpose, there’s no business model,” he said. He believes banks often exclude low‑value transactions, but a stablecoin could enable micro‑investments with as little as HK$10 (US$1.30).
From Crypto Pioneer to AI Extension
Animoca Brands, founded in 2014, grew into a Web 3 powerhouse with early investments in Sky Mavis (Axie Infinity) and ownership of The Sandbox. The crypto winter, however, dented its valuation and bookings fell 30% between 2022 and 2023. In May, the company launched “Minds by Animoca Brands,” a service that lets non‑technical users deploy persistent AI agents. Auyang calls this an extension of capability rather than a pivot, noting that the original model of digital asset ownership didn’t deliver quickly enough.
He acknowledges that Animoca is not a direct competitor to AI giants. “There will be winners in LLMs. It’s not going to be Animoca. We’re not that kind of company,” he said.
Leadership Roots in Public Service
Auyang’s journey to crypto began at Bankers Trust and Citigroup, then McKinsey, before moving to Kowloon Motor Bus in 2009. Managing 4,000 buses that carry 2.5 million passengers daily taught him the power of public service for profit. He described the operational challenges of route planning and the political negotiations required to adjust unprofitable routes, sometimes involving local politicians with triad backgrounds.
It was during his time at KMB that he met Yat Siu, Animoca’s co‑founder. Siu invited him to join the board, and Auyang’s pragmatic view of blockchain as a “public platform” complemented Siu’s flamboyant vision of Web 3’s revolutionary potential.
Recent Corporate Moves and Market Context
Animoca was pursuing a Nasdaq listing via a reverse merger with Currenc Group, but on September 22 it suspended the talks amid market volatility and timeline concerns. The company remains committed to a public listing in the future. It also released audited 2023 accounts in July and is still finalising 2024 filings.
The broader crypto market has cooled since the 2021 boom, with prices falling after a series of high‑profile failures and rising interest rates. While 2025 saw a brief rally amid U.S. policy optimism, recent legislative setbacks like the CLARITY Act have dampened investor sentiment. Venture capital has shifted toward AI, leaving crypto firms scrambling for sustainable business models.
Auyang criticises the industry’s focus on speculation, noting that “too much speculation, too much capital” has turned crypto into a gambling culture. He sees prediction markets—where users bet on events like World Cup winners—as a prime example of this problem.
What’s Next for Animoca and the Stablecoin?
Anchorpoint is slated to offer retail use by the end of the year, potentially becoming a cornerstone for on‑chain transactions in Greater China. Animoca’s AI initiatives, such as the “Jarvis” personal agent, aim to diversify revenue streams and reduce reliance on volatile crypto markets. Whether the company can successfully balance regulation, innovation, and market demand remains to be seen.
Ultimately, Auyang’s bus‑themed approach to blockchain underscores a broader lesson: technology that serves the public good, backed by regulation and clear purpose, has a better chance of lasting impact than speculative hype.
Key facts
- Evan Auyang’s bus‑themed analogy frames blockchain as a public service
- Anchorpoint is Hong Kong’s first regulated stablecoin, backed by HK$25 million capital
- Animoca pivots from crypto to AI while maintaining its blockchain roots
- The company’s Nasdaq listing plans were paused amid market uncertainty
- Auyang criticises crypto’s speculative culture and promotes responsible innovation
Why it matters
Auyang’s shift toward regulated stablecoins and AI signals a maturation of the crypto industry, showing how public‑service logic can guide blockchain toward real‑world utility.
Frequently asked questions
What is Anchorpoint?
Anchorpoint is a Hong Kong dollar‑denominated stablecoin created by a joint venture of Animoca Brands, Standard Chartered and HKT, designed to be a regulated, stable digital currency.
Why does Auyang compare a stablecoin to a bus?
He sees a stablecoin as a public platform that lowers costs for everyone, just as a bus makes travel affordable and accessible for all passengers.
What is Animoca’s new AI offering?
In May, Animoca launched “Minds by Animoca Brands,” a service that lets users deploy persistent AI agents with memory and identity, similar to personal assistants.
Sources
- [1] fortune.com — originally reported as “Animoca’s Evan Auyang worked in finance and public transit before crypto—Why he thinks the blockchain should be more like a bus”
