(17 February 2025 – Hong Kong) Standard Chartered has partnered with Animoca Brands and HKT to launch a Hong Kong dollar-backed stablecoin, aiming to bridge Web3 and traditional finance in the region.
With extensive experience collaborating with global stablecoin issuers, Standard Chartered will provide its bank-grade infrastructure and governance to the joint venture (JV). The bank has been involved in all of the Hong Kong Monetary Authority’s (HKMA) tokenised money initiatives, reinforcing its role as a key player in the city’s expanding digital asset ecosystem.
Animoca Brands will explore Web3 use cases for the stablecoin, while HKT plans to integrate it into its mobile wallet, enhancing adoption among consumers. Since July 2024, the three partners have participated in the HKMA’s stablecoin issuer sandbox, testing how stablecoins can advance financial markets and payments.
The JV intends to apply for an HKMA licence to issue the stablecoin, strengthening Hong Kong’s position as a digital finance hub.
Bill Winters, Group Chief Executive of Standard Chartered, commented, “Digital assets are here to stay, and the development of different forms of tokenised money is integral to the advancement of this industry. As public chain instruments with proven use cases, stablecoins play a critical role in the overall digital asset ecosystem. Standard Chartered’s bank-grade infrastructure, governance, and global reach mean that we are in a good position to materially contribute to the development of the ecosystem being built in Hong Kong and globally.”