Basri Caneri 
Standard Chartered Hong Kong (SCBHK), Web3 leader Animoca Brands and telecom giant HKT announced that they have formed a joint venture (JV) to issue a Hong Kong dollar (HKD) backed stablecoin with the aim of obtaining a license from the Hong Kong Monetary Authority (HKMA).
The initiative aims to establish Hong Kong as a leader in the digital asset market and promote the adoption of stablecoins as a secure means of payment for both retail and institutional users.
Secure Stablecoin Model with Standard Chartered’s Banking Infrastructure
As a bank with extensive experience working with stablecoin issuers globally, Standard Chartered will provide the trusted banking infrastructure and governance mechanisms for the initiative.
Bank CEO Bill Winters emphasized that stablecoins are one of the fundamental building blocks of the digital asset ecosystem and said:
“Digital assets are here to stay and will be part of the financial system. Stablecoins are a great contribution to the industry as trusted tools used on public blockchains. Standard Chartered is ready to lead the development of this ecosystem in Hong Kong and globally.”
SCBHK aims to be one of the first companies to launch HKD-backed stablecoins with its participation in the HKMA’s sandbox program for stablecoin issuers.
Web3 and Stablecoin Integration with Animoca Brands
Hong Kong-based Web3 giant Animoca Brands will take part in the initiative to enable stablecoin to bridge the gap between crypto and traditional finance.
Animoca Brands President Evan Auyang described this initiative as an important step towards Hong Kong becoming a global Web3 hub, saying:
“Stablecoins are one of the most robust and widely used applications of Web3. However, they are not yet fully mainstreamed for institutional and individual use. The HKD-backed stablecoin we will issue under HKMA regulations will strengthen Hong Kong’s vision to become a global leader in Web3.”
Innovative Use of Stablecoins in Mobile Payments with HKT
HKT aims to increase the impact of stablecoin on mobile payment systems and the retail sector.
Susanna Hui, Managing Director of the company, said that stablecoin will transform payment systems by providing security and transparency:
“HKD-backed stablecoin will benefit both consumers and businesses by making transaction processes more efficient. HKT is excited to contribute to the development of this new digital payment ecosystem.”
Hong Kong’s Aim to Become a Global Digital Asset Hub
SCBHK, Animoca Brands and HKT are actively involved in the stablecoin sandbox program launched by the HKMA in 2024. The new initiative aims to strengthen Hong Kong’s position as a global digital asset hub by bringing together Web3 and traditional finance.
Stablecoin will play an important role in cross-border payments and financial markets, and will strive to be one of the first companies to be licensed in this field under HKMA regulations.
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