2025-02-18
Standard Chartered Bank (Hong Kong)
Limited (SCBHK), Animoca Brands, and HKT have announced a joint venture to
issue a stablecoin backed by the Hong Kong dollar (HKD).
The consortium plans to apply for a
license from the Hong Kong Monetary Authority (HKMA) under the forthcoming
regulatory framework for stablecoins.
This collaboration aims to leverage the
unique strengths of each partner:
Standard Chartered will provide its
banking infrastructure and governance expertise, drawing from its global
experience with stablecoin issuers.
Animoca Brands, a leader in the Web3
space, will contribute its blockchain technology proficiency and extensive
network to explore innovative use cases within the crypto ecosystem.
HKT, a prominent telecommunications
provider, will utilize its mobile wallet capabilities to develop applications
aimed at enhancing both domestic and cross-border payment efficiencies.
The trio has been participating in the
HKMA's stablecoin issuer sandbox since July 2024, exploring how stablecoins can
bridge traditional finance and the Web3 ecosystem. This initiative aligns with
Hong Kong's strategy to position itself as a global digital asset hub by
integrating digital assets into its financial system.
The proposed HKD-backed stablecoin is
expected to offer a secure and efficient medium of exchange, benefiting both
consumers and merchants by streamlining transactions and enhancing payment
transparency. The launch is contingent upon obtaining the necessary regulatory
approvals from the HKMA.
