SCB Initiates Joint Venture for Hong Kong Dollar-Backed Stablecoin
Standard Chartered Plc has partnered with Animoca Brands and HKT to establish a joint venture (JV). The JV will pursue a license from the Hong Kong Monetary Authority to issue a Hong Kong dollar-backed stablecoin.
The partnership leverages Animoca Brands' Web3 expertise and HKT's telecommunications infrastructure to enhance domestic and cross-border payments. Standard Chartered aims to be among the first issuers of a HKD-backed stablecoin, reinforcing its commitment to innovation.
Mary Huen, CEO of Standard Chartered's Hong Kong and Greater China & North Asia division, expressed the bank's anticipation in collaborating with its strategic partners.