Standard Chartered Bank, Animoca Brands, and HKT have announced a joint venture to develop and issue a Hong Kong dollar-backed stablecoin under the city’s new regulatory framework.
Standard Chartered, Animoca Brands and HKT to Launch HKD-Backed Stablecoin Joint Venture
The partners plan to apply for a license from the Hong Kong Monetary Authority (HKMA) as part of the government’s effort to establish the region as a global digital asset hub.
Strategic Collaboration for a Regulated Stablecoin
The partnership brings together expertise in banking, Web3 and telecommunications:
- Standard Chartered will leverage its bank-grade infrastructure and experience in global stablecoin markets. The bank has actively participated in the HKMA’s tokenized currency projects and is committed to driving innovation in Central Bank Digital Currencies (CBDCs), tokenized deposits and stablecoins.
- Animoca Brands, a leading Web3 company, will contribute its extensive crypto network and expertise in blockchain ecosystems to develop use cases for stablecoins in decentralized finance (DeFi) and digital assets.
- HKT, a major telecommunications and digital payments provider, will support stablecoin adoption through mobile wallet integration, enhancing cross-border payments and retail transactions.
The HKD stablecoin aims to provide a secure and compliant digital currency that can be used by individuals, institutions and merchants in Hong Kong. The initiative is compatible with the HKMA’s stablecoin issuance Sandbox, which was launched in July 2024 to explore stablecoin applications in finance and payments.
Standard Chartered Group CEO Bill Winters highlighted the growing role of stablecoins in the digital economy:
“Digital assets are here to stay, and stablecoins play a critical role in advancing the industry. Standard Chartered’s infrastructure, governance and global reach make us well-positioned to contribute to the development of this ecosystem in Hong Kong and beyond.”
Evan Auyang, Group President of Animoca Brands, emphasized the importance of the project:
“Stablecoins are among the most widely recognized Web3 applications and this Joint Venture will help drive mainstream adoption in Hong Kong’s thriving digital economy.”
*This is not investment advice.
