Standard Chartered, Animoca Brands, and HKT Partner to Launch Hong Kong Dollar-Backed Stablecoin
Standard Chartered Bank, HKT, and Animoca Brands are establishing a joint venture to issue a Hong Kong dollar-backed stablecoin. According to a press release today, the initiative follows the new regulatory framework set by the Hong Kong Monetary Authority (HKMA). The partnership aims to secure a license under this regime to introduce a compliant stablecoin into the financial system.Bank-Grade Infrastructure and Stablecoin ExpertiseStandard Chartered has a history of working with stablecoin issuers globally. The banks involvement enables the joint venture to utilize its established infrastructure and governance frameworks. Moreover, SCBHK has participated in all HKMA-led tokenized money projects in recent years, reinforcing its position in Hong Kongs digital asset sector. The bank's role in the joint venture aligns with its broader strategy of supporting tokenized financial instruments, including stablecoins and central bank digital currencies. SCBHK intends to contribute governance, compliance, and risk management expertise to the venture.Notably, the new stablecoin initiative is expected to play a role in integrating digital assets with traditional finance. Standard Chartereds participation in HKMAs stablecoin issuer sandbox has positioned it among the early players in Hong Kongs regulated stablecoin market. The venture plans to introduce a stablecoin designed for use across multiple applications, ensuring security and reliability for institutions and individuals.Digital Payment Use CasesAnimoca Brands, headquartered in Hong Kong, will provide its expertise in the Web3 ecosystem. The companys involvement will enable the joint venture to explore innovative stablecoin applications in blockchain-based transactions. Animoca Brands has emphasized the growing role of stablecoins in Web3 and aims to leverage its network to drive adoption. The venture will develop new use cases for stablecoins in retail and enterprise sectors.Meanwhile, HKT, a leader in telecommunications and digital payments, will contribute its mobile wallet infrastructure. The company aims to integrate stablecoins into domestic and cross-border transactions, enhancing efficiency in digital payments. HKT plans to utilize advanced Web3 technologies to support merchant transactions while ensuring security in digital payments.
Text source: The Crypto Basic
