StanChart, Animoca Brands and HKT launch joint venture to develop Hong Kong dollar-backed stablecoin

Standard Chartered’s Hong Kong limb (SCBHK), successful collaboration with Animoca Brands and telecom steadfast HKT, announced a associated task to motorboat a Hong Kong dollar-backed stablecoin. 

According to a Feb. 17 statement, the inaugural is pending regulatory support from the Hong Kong Monetary Authority (HKMA).

Since July 2024, SCBHK, Animoca Brands, and HKT person actively participated successful HKMA’s stablecoin issuer sandbox. The associated task volition beryllium among the archetypal to motorboat a compliant, fiat-backed stablecoin successful Hong Kong.

Mary Huen, CEO of Standard Chartered Hong Kong and Greater China & North Asia, expressed assurance successful launching 1 of the archetypal Hong Kong dollar-backed stablecoins. 

She emphasized the associated venture’s committedness to fintech innovation to supply a unafraid and wide usable integer currency for institutions and individuals alike.

Three-pronged effort

SCBHK brings extended acquisition moving with stablecoin issuers globally, ensuring the associated task benefits from its bank-grade infrastructure and robust governance framework. 

The slope has actively participated successful HKMA’s tokenized wealth projects, positioning itself arsenic a cardinal subordinate successful Hong Kong’s evolving integer plus ecosystem.

Meanwhile, Animoca Brands volition leverage its heavy manufacture networking to thrust stablecoin adoption successful crypto-native markets. The institution plans to research assorted usage cases crossed the Web3 space, supporting the stablecoin’s semipermanent maturation and integration into integer commerce.

HKT is simply a institution successful the telecommunications and mobile wallet assemblage that volition heighten the inferior of stablecoins by processing applications for home and cross-border payments.

Animoca Brands Group President Evan Auyang said stablecoins are 1 of the astir established and promising applications of Web3 technology. He stressed that the concern with SCBHK and HKT reaffirms Hong Kong’s imaginable to pb the integer plus manufacture successful a harmless and regulated environment.

According to Chainalysis’ latest “Geography of Crypto Report,” Hong Kong’s year-over-year maturation successful crypto adoption was 85.6%, the largest successful Eastern Asia. 

The study said the region’s supportive regulatory model was the main operator for this growth, particularly regarding organization adoption.

The station StanChart, Animoca Brands and HKT motorboat associated task to make Hong Kong dollar-backed stablecoin appeared archetypal connected CryptoSlate.