Standard Chartered Bank’s Hong Kong division has announced a partnership with Animoca Brands and HKT to establish a joint venture aimed at issuing a stablecoin backed by the Hong Kong dollar. The consortium plans to apply for a licence from the Hong Kong Monetary Authority (HKMA) under the region’s forthcoming stablecoin regulatory framework.
Standard Chartered brings its extensive banking infrastructure and experience with stablecoin issuers to the venture. Animoca Brands, a leader in the Web3 space, will leverage its blockchain expertise to explore innovative applications within the crypto ecosystem. HKT, a prominent telecommunications provider, will contribute its mobile payment systems to facilitate the stablecoin’s use in both domestic and cross-border transactions.
The joint venture has been participating in the HKMA’s stablecoin issuer sandbox since July 2024, a programme designed to assess the role of stablecoins in financial markets and payment systems by bridging traditional finance with emerging Web3 technologies.
Bill Winters, Group Chief Executive of Standard Chartered, stated, “Digital assets are here to stay, and the development of different forms of tokenised money is integral to the advancement of this industry.” He emphasised that the bank’s infrastructure and global reach position it well to contribute to the evolving digital asset ecosystem in Hong Kong and beyond.
This initiative aligns with Hong Kong’s efforts to establish itself as a hub for digital assets, offering a regulated environment that fosters innovation while ensuring compliance and stability in the financial sector.
