Licensed HKD Stablecoin to Launch in Hong Kong

Standard Chartered, Animoca Brands, and Hong Kong Telecommunications (HKT) are forming a joint venture to issue a regulated stablecoin pegged to the Hong Kong dollar (HKD).

Standard Chartered Bank (Hong Kong) Limited (SCBHK), Animoca Brands, and HKT announced the establishment of a joint venture (JV) to launch a stablecoin backed by the HKD. The partners aim to secure a license from the Hong Kong Monetary Authority (HKMA) under the new digital asset regulatory framework.

As part of the collaboration, each partner will play a key role:

• SCBHK, one of Hong Kong’s largest banks, will leverage its infrastructure to ensure a robust technical framework for the stablecoin;
• Animoca Brands, a leading Web3 company, will integrate the stablecoin into the Web3 ecosystem, expanding its use cases;
• HKT, a recognized leader in telecommunications and FinTech solutions, will utilize its expertise in mobile payments to optimize domestic and cross-border transactions.

Bill Winters, CEO of Standard Chartered, emphasized that digital assets became an integral part of the financial system, with stablecoins playing a crucial role in the digital economy. Leveraging its global banking infrastructure and strict regulatory compliance, Standard Chartered aims to contribute significantly to stablecoin adoption in Hong Kong and beyond.

Mary Huen, CEO of Standard Chartered for Hong Kong and Greater China & North Asia, highlighted the commitment of the bank and its partners to developing a reliable payment instrument that meets HKMA’s regulatory standards. The new stablecoin will cater to both individual users and financial institutions.

Notably, SCBHK, Animoca Brands, and HKT were part of HKMA’s regulatory sandbox since July 2024, exploring stablecoin integration with traditional financial markets and payment systems. This joint venture will be one of the first HKD stablecoin issuers, bridging the gap between the Web3 ecosystem and traditional finance.