Standard Chartered, Animoca, and HKT launch joint venture for HKD-backed stablecoin, driving digital payments, Web3 adoption, and financial innovation.
Standard Chartered Bank (Hong Kong) Limited (SCBHK), Animoca Brands, and HKT have partnered to create a joint venture. The company intends to submit an application to HKMA for a license to distribute stablecoins supported by Hong Kong dollars. The scheme operates under Hong Kong’s newly established digital asset regulatory system.
The stablecoin projects along with digital finance knowledge provided by SCBHK comes from its experienced team. The bank actively engages in tokenized money projects under the supervision of HKMA. SCBHK seeks to build Hong Kong’s digital asset sector through its secure technical capabilities and wide global network and infrastructure.
Animoca Brands as a Web3 leader will tap into its knowledge base to identify fresh stablecoin usage possibilities. The company aims to tie the joint venture operations into Web3 infrastructure across various opportunities.
Standard Chartered Eyes Global Impact with Stablecoin Infrastructure
HKT plans to implement its mobile payment experience to enhance the functionality of the stablecoin platform. The recently established company works toward building easy cross-border payment solutions with strengthened security protocols. HKT predicts integrating stablecoins through its payment systems will deliver advantages to both purchasing customers and selling businesses.
Standard Chartered Group Chief Executive Bill Winters stressed the essential role of stablecoins in digital finance systems. He has identified stablecoins and other tokenized money forms to lead the development of digital assets in the future. As per Winters, the comprehensive infrastructure of Standard Chartered coupled with its international presence will make Hong Kong a leader in digital finance.
The stablecoin sandbox initiative at HKMA has received a positive response from Mary Huen who serves as CEO of SCBHK. She made it clear that the bank intends to develop a stablecoin based on the HKD currency alongside its partnership heads. This initiative according to Huen will generate fresh prospects for both digital payments and financial innovation across Hong Kong.
Evan Auyang from Animoca Brands as Group President expressed positive outlook regarding the project. The adoption of Web3 depends on stablecoins according to his opinion. Through the development of this project Hong Kong has the potential to establish itself as a worldwide leader in digital asset systems according to Auyang.
The collaboration entity takes part in HKMA’s stablecoin sandbox, which started its operations in July 2024. This project aims to bridge Web3 and traditional finance, positioning Hong Kong as a major digital asset hub.
