Animoca, via the joint venture, aims to issue a legally compliant HKD stablecoin designed for use across gaming, cross-border trade.
Standard Chartered will contribute its banking expertise and regulatory support, while Hong Kong Telecom will focus on retail distribution through Tap & Go, its digital payment platform. “It’s a well-balanced collaboration,” Auyang explained. “We’re building both the rails and the highway.”
Animoca’s move aligns with a broader trend: traditional banks increasingly recognize the role of stablecoins in future finance. The regulated nature of Hong Kong’s sandbox appeals to institutions concerned about unbacked stablecoins.
“Without legal clarity, you can’t be sure if a stablecoin is truly backed 1:1,” Auyang said. “This joint venture is about trust, transparency, and creating a globally accepted digital asset.”
With Hong Kong home to the world’s largest offshore RMB pool, Auyang believes the HKD stablecoin could become “a key instrument” for bringing mainland Chinese assets into global markets. He added, “Hong Kong has always been a financial gateway. Now, with blockchain, it can become a digital one too.”
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Animoca Brands plans to establish a joint venture with Standard Chartered Bank and HKT to prepare for the issuance of a Hong Kong dollar-pegged stablecoin. The company also expressed its intention to collaborate with mainland Chinese institutions on blockchain applications. Show more
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