HKD Stablecoin JV Launched

Standard Chartered, Animoca Brands, and HKT Launch HKD-Backed Stablecoin Joint Venture

Standard Chartered Bank (Hong Kong) Limited (SCBHK), Animoca Brands, and HKT have formed a joint venture to develop and launch a Hong Kong dollar (HKD)-backed stablecoin. The venture will apply for a license from the Hong Kong Monetary Authority (HKMA) under Hong Kong's new digital asset regulatory framework.

Driving Digital Payments and Web3 Adoption

This collaboration leverages the strengths of each partner: SCBHK contributes its expertise in digital finance and secure infrastructure, Animoca Brands brings its Web3 development knowledge and experience identifying new stablecoin use cases, and HKT integrates its mobile payment capabilities to enhance the stablecoin platform's functionality.

Key goals include:

• Facilitating seamless digital payments.
• Driving wider Web3 adoption in Hong Kong.
• Promoting financial innovation.
• Creating efficient cross-border payment solutions.

Standard Chartered's Global Vision

Standard Chartered Group Chief Executive Bill Winters highlighted the crucial role of stablecoins in the future of digital finance. He sees stablecoins and other tokenized assets as key drivers of digital asset development. He believes this initiative will position Hong Kong as a leader in global digital finance.

Animoca Brands' Web3 Expertise

Animoca Brands' Group President, Evan Auyang, expressed optimism about the project, emphasizing the importance of stablecoins for Web3 adoption and Hong Kong's potential to become a leading global digital asset hub.

HKMA's Stablecoin Sandbox

The joint venture is participating in the HKMA's stablecoin sandbox, launched in July 2024, which aims to bridge traditional finance and Web3. SCBHK CEO Mary Huen expressed enthusiasm for the project's potential to generate new opportunities for digital payments and financial innovation.

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