A new partnership between Animoca Brands, Standard Chartered, and HKT is set to transform the digital assets space in Hong Kong. Standard Chartered’s Hong Kong division said it entered a partnership with Animoca Brands, and HKT, a telecommunications firm in Hong Kong to launch a…
Standard Chartered’s Hong Kong division said it entered a partnership with Animoca Brands, and HKT, a telecommunications firm in Hong Kong to launch a stablecoin backed by the Hong Kong dollar (HKD).
The bank said the move will help tap into crypto-native opportunities and improve cross-border payments and local transactions. The partnership is being hailed as significant as each party brings a wealth of experience to the scene.
Standard Chartered provides significant financial expertise, while Animoca Brands is well-versed in the Web3 market. Likewise, HKT provides a mobile payment system that’s already successful in Hong Kong. HKT will use its mobile payment expertise to help make the stablecoin easy to use for everyday transactions.
The proposed stablecoin will be one of the first regulated stablecoins in Hong Kong, adding to its appeal.
According to Standard Chartered’s Hong Kong CEO, Mary Huen, this project will help improve payments in Hong Kong and across borders. The goal is to make transactions faster, safer, and more efficient for businesses and individuals.
Animoca Brands’ president, Evan Auyang, believes stablecoins will become even more popular in the future. He sees this project as a step towards making Hong Kong a major hub for digital assets. HKT’s managing director, Susanna Hui, also sees big benefits, especially for retailers who will get better payment security and smoother transactions.
The three companies have tested this stablecoin in the HKMA’s sandbox since July 2024. This sandbox allows companies to experiment with digital currencies in a controlled environment before fully launching them.
With this new stablecoin, Hong Kong is taking another step toward the future of digital finance. If successful, it could change local and cross-border transactions for Asian users.
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BTC.@StanChart, @animocabrands and HKT establish joint venture to issue HKD-backed stablecoin animocabrands.com/standard-chart…
Digital assets are here to stay. We have this week announced that we will establish a joint venture to issue a Hong Kong-dollar-backed stablecoin. Together with @animocabrands and HKT, Standard Chartered Bank (Hong Kong) Limited (SCBHK) hopes to apply for a license from the Show more
