Standard Chartered has established a joint venture with Animoca Brands and HKT to launch a stablecoin backed by the Hong Kong dollar.
The partnership will leverage Standard Chartered’s extensive experience in collaborating with stablecoin issuers globally, making use of its bank-grade infrastructure and governance frameworks. Having engaged in various projects initiated by the Hong Kong Monetary Authority (HKMA) related to tokenized money over the past few years, Standard Chartered Bank Hong Kong (SCBHK) aims to play a pivotal role in enhancing the digital asset ecosystem in Hong Kong.
Animoca Brands will focus on exploring use cases within the Web3 ecosystem, while HKT plans to integrate the stablecoin into its mobile wallet services. Together, these partners have been actively participating in the HKMA stablecoin issuer sandbox launched in July 2024, which aims to investigate the potential of stablecoins in connecting traditional finance with Web3 and advancing financial markets and payment solutions.
The joint venture partners plan to apply for a license from the HKMA to issue the new stablecoin. Bill Winters, Group Chief Executive of Standard Chartered, emphasizes the importance of digital assets and the role of stablecoins in the overall digital asset ecosystem. According to him, the bank’s robust infrastructure and global presence position them well to contribute significantly to Hong Kong’s developing ecosystem and the broader global landscape.