Hong Kong's Big Three Team Up for HKD-Backed Stablecoin

Standard Chartered, Animoca, and HKT have joined forces to create a joint venture, aiming to launch an HKD-backed stablecoin. This initiative is part of Hong Kong's newly established digital asset regulatory system and seeks to drive digital payments, Web3 adoption, and financial innovation.

The joint venture, which includes Standard Chartered Bank (Hong Kong) Limited (SCBHK), Animoca Brands, and HKT, plans to submit an application to the Hong Kong Monetary Authority (HKMA) for a license to distribute stablecoins supported by Hong Kong dollars. SCBHK brings its digital finance knowledge and experience in tokenized money projects, while Animoca Brands, a Web3 leader, will explore new stablecoin usage possibilities. HKT, on the other hand, aims to enhance the stablecoin platform's functionality with its mobile payment experience and strengthen cross-border payment solutions.

Standard Chartered Group Chief Executive Bill Winters has emphasized the crucial role of stablecoins in digital finance systems. He believes that stablecoins and other tokenized money forms will lead the development of digital assets in the future. Winters is confident that Standard Chartered's comprehensive infrastructure and international presence will make Hong Kong a leader in digital finance.

Mary Huen, CEO of SCBHK, has welcomed the stablecoin sandbox initiative at HKMA. She expressed the bank's intention to develop a stablecoin based on the HKD currency alongside its partnership heads. Huen believes this initiative will generate fresh prospects for both digital payments and financial innovation across Hong Kong.

Evan Auyang from Animoca Brands, serving as Group President, shared a positive outlook regarding the project. He believes that the adoption of Web3 depends on stablecoins and that this project has the potential to establish Hong Kong as a worldwide leader in digital asset systems.

The collaboration entity is currently participating in HKMA's stablecoin sandbox, which began its operations in July 2024. This project aims to bridge Web3 and traditional finance, positioning Hong Kong as a major digital asset hub.