Standard Chartered, Animoca, and HKT Launch HKD-Backed Stablecoin

• SCBHK, Animoca, and HKT unite to launch a secure, HKD-backed stablecoin, boosting digital finance under HKMA’s new framework.
• Animoca’s Web3 expertise and HKT’s mobile wallet tech enhance stablecoin usability, fostering seamless cross-border transactions.
• Hong Kong strengthens its digital asset hub status with a compliant stablecoin, benefiting businesses and consumers.

Standard Chartered Bank Hong Kong (SCBHK), Animoca Brands, and HKT launched their own Hong Kong dollar-backed stablecoin. The program coincides with the new regulatory framework set by the Hong Kong Monetary Authority (HKMA) while striving for a fully compliant stablecoin for the expansion of digital finance in the territory.

With strong capabilities in tokenized money projects, SCBHK will apply its own infrastructure to guarantee security and governance at the stablecoin level. In addition, it sees this development as a contributor towards setting the digital asset landscape in Hong Kong.

Animoca Brands is a trailblazer in the Web3 space and provides astute crypto-native investment expertise. The company has a niche for introducing stablecoins into novel Web3 applications. Consequently, this stablecoin will boost interoperability within digital finance.

HKT leverages mobile wallet capabilities for this initiative. It aims to develop new applications for seamless transactions. Moreover, its experience in digital payments will streamline cross-border transactions and improve efficiency for businesses and consumers.

A Major Step in Hong Kong’s Digital Finance

The city wants to become a digital asset hub. This initiative supports the HKMA’s regulatory efforts while strengthening Hong Kong’s presence in the stablecoin market.

SCBHK, with its deep financial expertise, ensures a secure and compliant digital asset. The bank’s extensive work with tokenized money solutions reinforces trust and stability. Moreover, the partnership benefits from Animoca’s Web3 innovation and HKT’s digital payment experience.

Impact on Businesses and Consumers

This stablecoin enables transactions to be more efficient, and cheaper, and cross-border payments to be easier. It also aligns very well with Web3 applications, increasing its potential use cases.

HKT’s mobile wallet integration further strengthens accessibility. Consumers can easily use the stablecoin for everyday transactions. Meanwhile, businesses gain an efficient payment solution that aligns with Hong Kong’s digital finance vision.