- SCBHK, Animoca Brands, and HKT form a JV to issue an HKD-backed stablecoin.
- HKT integrates mobile wallet technology to improve domestic and cross-border payments.
Standard Chartered Bank (Hong Kong) Limited (SCBHK), Animoca Brands, and HKT have announced the formation of a joint venture (JV) to issue a Hong Kong dollar-backed stablecoin. The JV aims to apply for a license from the Hong Kong Monetary Authority (HKMA) under its new regulatory framework.
SCBHK brings its global banking infrastructure and governance to the JV. With years of involvement in HKMA’s tokenized money projects, the bank is well-positioned to contribute to Hong Kong’s growing digital asset market.
Bill Winters, Group Chief Executive of Standard Chartered, highlighted the critical role of stablecoins in the broader digital asset ecosystem. He emphasized that the JV’s infrastructure and governance would drive the development of the sector.
Expanding Stablecoin Use Cases
Animoca Brands, a leader in Web3 innovation, will utilize its expertise to expand the stablecoin’s use cases. The company’s deep roots in the Web3 space will help the JV tap into crypto-native opportunities, thus fostering long-term growth. Evan Auyang, Group President of Animoca Brands, noted that stablecoins are among the most recognized use cases for Web3.
HKT, a major telecommunications service provider, will contribute its mobile wallet technology to the JV. The company aims to enhance both domestic and cross-border payment efficiency. Susanna Hui, Group Managing Director of HKT, pointed out that issuing an HKD-backed stablecoin will streamline transactions, providing greater security and transparency.
By bridging Web3 with traditional finance, stablecoin aims to create new payment solutions for both institutions and individuals. The JV also plans to be one of the first to issue a stablecoin under the HKMA’s licensing regime, further solidifying Hong Kong’s role as a leading digital asset hub.
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