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Standard Chartered, HKT, and Animoca to Establish Joint Venture for Hong Kong Dollar-Backed Stablecoin

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.