Animoca, via the joint venture, aims to issue a legally compliant HKD stablecoin designed for use across gaming, cross-border trade.
Animoca, via the joint venture, aims to issue a legally compliant HKD stablecoin designed for use across gaming, cross-border trade, and financial settlements. Speaking in an exclusive interview, Evan Auyang, president of Animoca’s parent company, Anni Group, said the stablecoin would “bridge native Web3 with traditional finance.”
Animoca has a strong presence in Web3, particularly known for its role in building The Sandbox. Additionally, it backs over 570 blockchain projects, is taking the lead on Web3 integration in the venture. “Games are the gateway. With over 3 billion gamers worldwide, it’s the first industry primed for mass adoption of blockchain,” Auyang noted. Animoca’s gaming universe will use the HKD stablecoin as an on-ramp for virtual asset purchases and in-game settlements.
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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