Standard Chartered, Animoca and HKT Partner to Launch HKD Stablecoin

• SCBHK, Animoca and HKT seek an HKMA license to issue an HKD stablecoin, bringing expertise in banking, Web3, and payments.
• SCBHK brings governance and infrastructure, Animoca expands Web3 use cases, while HKT enhances mobile wallet integrations.
• The venture joins HKMA’s stablecoin sandbox, aiming to be one of the first HKD backed stablecoin issuers under new regulations.

Standard Chartered Bank, Animoca Brands and HKT have announced a joint venture to apply for a license from the Hong Kong Monetary Authority to issue a Hong Kong dollar backed stablecoin. This collaboration aims to improve the digital asset market in Hong Kong by leveraging each partner’s unique strengths.

Standard Chartered Role and Experience

SCBHK has experience in working with stablecoin issuers worldwide. The bank plans to utilize its good infrastructure and governance to support the venture. Having participated in all of the HKMA’s tokenized money projects in recent years, SCBHK is positioned to contribute majorly to this initiative. 

Mary Huen, Chief Executive Officer for Hong Kong and Greater China & North Asia at Standard Chartered, expressed enthusiasm about launching an HKD backed stablecoin with good partners, aiming to provide a secure medium of exchange for both institutions and individuals.

Contributions from Animoca Brands and HKT

Animoca Brands will apply its industry expertise and extensive network to explore innovative use cases within Web3. This approach is expected to influence the venture’s long term growth. 

Evan Auyang, Group President of Animoca Brands, noted the potential for mass adoption of stablecoins across various markets and emphasized Hong Kong’s promising future as a global Web3 hub.

HKT, a pioneer in technology, media, and telecommunications, will use its mobile wallet expertise to develop innovative stablecoin applications. The focus will be on enhancing both domestic and cross border payments, offering greater benefits to consumers and merchants. 

Susanna Hui, Group Managing Director of HKT, noted that issuing an HKD linked stablecoin could improve payment efficiency, streamline transactions, and provide greater security and transparency through advanced Web3 innovations.

Participation in HKMA’s Stablecoin Issuer Sandbox

Since July 2024, SCBHK, Animoca Brands, and HKT have been participating in the HKMA’s stablecoin issuer sandbox. This  allows them to know the role of stablecoins in financial markets and payments, bridging the gap between Web3 and traditional finance. 

The joint venture aims to be among the first to issue an HKD backed stablecoin under the HKMA’s new regulatory outlook, supporting Hong Kong’s position as a global digital assets hub.