Standard Chartered Partners with Animoca Brands and HKT to Launch Hong Kong Dollar-Backed Stablecoin
Hong Kong, October 3, 2023 - Standard Chartered Plc (SCBFF) announced a partnership with Animoca Brands and HKT to establish a joint venture that will apply for a license from the Hong Kong Monetary Authority (HKMA) to issue a Hong Kong dollar (HKD)-backed stablecoin.
This joint venture aims to tap into the growing crypto-native opportunities and enhance both domestic and cross-border payments. The license, if granted, would make Standard Chartered one of the first banks to issue an HKD-backed stablecoin.
Mary Huen, Chief Executive Officer of Standard Chartered Hong Kong, Greater China, and North Asia, expressed their enthusiasm for this partnership, stating that "we are eager to become one of the first issuers of an HKD-backed stablecoin alongside our strategic partners."
This collaboration leverages the expertise of Animoca Brands in Web3 and blockchain technology, as well as HKT's strong telecommunications network in Hong Kong. The joint venture will provide innovative financial solutions while supporting the growth of the digital asset industry in the region.