Standard Chartered Teams Up with Animoca and HKT to Launch an HKD-Backed Stablecoin

Standard Chartered Bank Hong Kong (SCBHK), Animoca Brands, and HKT have announced a collaborative venture to create and issue a stablecoin backed by the Hong Kong dollar.

This marks a significant step in Hong Kong’s strategy to position itself as a global leader in regulated digital assets.

The consortium plans to apply for a license under the Hong Kong Monetary Authority’s (HKMA) new regulatory framework for stablecoin issuers, with the aim of launching the region’s first compliant HKD-pegged digital currency, as stated on Monday.

This initiative unites three influential players from the banking, Web3, and telecom sectors, each bringing unique expertise.

Standard Chartered will leverage its global banking infrastructure and extensive experience with stablecoin projects to ensure institutional-grade governance and security.

Animoca Brands will work to integrate the stablecoin into the broader digital economy, facilitating its adoption in metaverse applications, gaming, and decentralized finance (DeFi).

HKT, a leader in telecom and fintech, will use its mobile wallet expertise to promote real-world payment adoption, advancing cross-border transactions and merchant integrations.