In a significant stride towards the future of finance, Standard Chartered Bank Hong Kong (SCBHK) has joined forces with Animoca Brands and Hong Kong Telecommunications (HKT) to forge a pioneering joint venture aimed at launching a Hong Kong dollar-backed stablecoin. This collaboration not only reflects Hong Kong’s ambition to solidify its position as a global digital assets hub but also indicates the growing prominence of stablecoins in bridging the gap between traditional finance and the new World of Web3. As they navigate the regulatory landscape set forth by the Hong Kong Monetary Authority (HKMA), one can’t help but wonder—will this innovation finally be the key to mainstream digital finance adoption? This article dives deep into their plans and the broader implications for the financial ecosystem. LEARN MORE.
Standard Chartered Bank Hong Kong (SCBHK), Animoca Brands, and Hong Kong Telecommunications (HKT) have partnered to establish a joint venture (JV) focused on issuing a Hong Kong dollar-backed stablecoin.
The JV intends to apply for a license under the Hong Kong Monetary Authority’s (HKMA) new regulatory framework.
HKD-Backed Stablecoin
According to the official press release, SCBHK, Animoca Brands, and HKT have engaged in HKMA’s stablecoin issuer sandbox since July 2024. The trio has been assessing how stablecoins can facilitate financial market development and payments by connecting Web3 and traditional finance.
The partnership is in line with Hong Kong’s ambition to strengthen its role as a global digital assets hub. By leveraging expertise across banking, telecommunications, and blockchain, the JV aims to create a secure and regulatory-compliant stablecoin framework.
