Standard Chartered Bank (Hong Kong) Limited, Animoca Brands, and HKT have formed a joint venture to issue a Hong Kong dollar-backed stablecoin. The collaboration aims to apply for a license from the Hong Kong Monetary Authority under the new regulatory regime.
Standard Chartered has been involved in various global stablecoin projects and plans to use its infrastructure and governance capabilities in this new venture. Bill Winters, Group Chief Executive of Standard Chartered, emphasized the importance of digital assets and tokenized money in advancing the industry. He stated that stablecoins are crucial to the digital asset ecosystem.
Mary Huen, CEO of Standard Chartered for Hong Kong and Greater China & North Asia, expressed enthusiasm about launching an HKD-backed stablecoin with strategic partners. She highlighted the potential for secure usage across various applications and reaffirmed their commitment to fintech innovation.
Animoca Brands will contribute its Web3 expertise to explore crypto-native opportunities within the joint venture. Evan Auyang, Group President of Animoca Brands, expressed excitement about collaborating on this project, viewing it as an opportunity for mass adoption of stablecoins.
HKT will bring its mobile wallet expertise to develop innovative use cases for the stablecoin. Susanna Hui, Group Managing Director of HKT, noted that issuing an HKD-linked stablecoin could enhance payment efficiency and security.
The three companies have been participating in the HKMA's stablecoin issuer sandbox since July 2024. They aim to bridge Web3 and traditional finance while strengthening Hong Kong's position as a global digital assets hub.