Standard Chartered Bank (Hong Kong) Limited (SCBHK), Animoca Brands, and HKT said Monday that they have formed a joint venture (JV) to issue a Hong Kong dollar-backed stablecoin, subject to regulatory approval from the Hong Kong Monetary Authority (HKMA).
Standard Chartered, Animoca Brands and HKT Establish JV For HKD-Backed Stablecoin
SCBHK, which has actively participated in HKMA’s tokenised money projects, will contribute its bank-grade infrastructure and governance to the JV.
“Stablecoins play a critical role in the overall digital asset ecosystem,” said Bill Winters, Group Chief Executive of Standard Chartered. “Standard Chartered’s bank-grade infrastructure, governance and global reach mean that we are in a good position to materially contribute to the development of the ecosystem being built in Hong Kong and globally.”
Animoca Brands, a leader in the Web3 space, will use its industry expertise to expand the stablecoin’s use cases.
“Stablecoins are one of the best proven and most widely recognised use cases for Web3,” said Evan Auyang, Group President of Animoca Brands. “This opportunity to become one of the first to issue a fiat-backed stablecoin under the HKMA’s licensing regime reinforces our conviction that Hong Kong has a bright future as a global Web3 hub.”
HKT, with its mobile wallet expertise, will focus on enhancing payment efficiency for domestic and cross-border transactions.
“We believe that issuing an HKD-linked stablecoin will streamline transactions and provide greater security and transparency,” said Susanna Hui, Group Managing Director of HKT.
The JV aims to be one of the first issuers under HKMA’s licensing regime, supporting Hong Kong’s role as a global digital asset hub and bridging Web3 with traditional finance.
