On Monday, Standard Chartered Plc announced that its Hong Kong banking division, Animoca Brands, and HKT will collaborate to seek a license from the Hong Kong Monetary Authority for issuing a Hong Kong dollar-backed stablecoin.
Standard Chartered has formed agreements with Animoca Brands, known for expertise in Web3 leveraging blockchains, and HKT, a prominent telecommunications service provider in Hong Kong. The aim is to facilitate the joint venture in pursuing crypto-native opportunities and improving domestic and cross-border payments.
Mary Huen, Chief Executive Officer of Standard Chartered's Hong Kong and Greater China & North Asia division, expressed anticipation about being among the first to launch an HKD-backed stablecoin alongside their strategic partners.