Standard Chartered Bank (Hong Kong) Limited (SCBHK), Animoca Brands, and HKT have announced a joint venture to issue a Hong Kong dollar-backed stablecoin under Hong Kong’s new regulatory framework.
The partnership aims to secure a license from the Hong Kong Monetary Authority (HKMA) and play a key role in integrating stablecoins into the region’s financial and digital asset ecosystem.
Strategic Collaboration for Stablecoin Innovation
Each partner brings unique strengths to the project:
- Standard Chartered will provide its bank-grade infrastructure and extensive experience with stablecoin projects worldwide. The bank has actively participated in HKMA’s tokenized money initiatives and is committed to supporting the growth of digital assets.
- Animoca Brands, a leader in Web3 and blockchain innovation, will help the venture tap into crypto-native opportunities and explore use cases in the Web3 ecosystem.
- HKT, a leading technology and telecom company, will use its expertise in mobile payments to develop practical applications for the stablecoin in both domestic and cross-border transactions.
Strengthening Hong Kong’s Position in Digital Finance
Hong Kong has been actively developing its Web3 and fintech sector, and stablecoins are expected to play a major role in the evolution of digital payments. SCBHK’s Chief Executive, Mary Huen, highlighted the importance of launching an HKD-backed stablecoin to provide a secure and efficient medium of exchange for institutions and individuals. She emphasized that this initiative would help position Hong Kong as a key financial and technological hub.
Industry Leaders Express Confidence in Stablecoin Adoption
Bill Winters, CEO of Standard Chartered, stated that tokenized money and stablecoins are essential to the future of digital finance. He believes the bank’s global expertise and strong governance structure will contribute significantly to this growing sector.
Evan Auyang, Group President of Animoca Brands, sees stablecoins as crucial to Web3 adoption. He expressed confidence in Hong Kong’s role as a leading global digital asset hub, with regulatory support ensuring safe and compliant industry growth.
Susanna Hui, Group Managing Director of HKT, noted that an HKD-backed stablecoin would enhance payment efficiency and security for consumers and merchants, helping businesses navigate an increasingly digital retail landscape.