Standard Chartered, Animoca Brands, and HKT Seek HKMA License for Hong Kong Dollar-Backed Stablecoin to Boost Digital Asset Ecosystem

Standard Chartered Bank (Hong Kong) Limited, Animoca Brands, and HKT have formed a joint venture to apply for a license from the Hong Kong Monetary Authority under its new regulatory framework to issue a Hong Kong dollar-backed stablecoin.

This initiative is part of Hong Kong's efforts to develop its digital asset ecosystem, with the joint venture aiming to leverage Standard Chartered's bank-grade infrastructure and governance, as well as its experience in tokenized money projects. The partners have been participating in the HKMA's stablecoin issuer sandbox to explore the integration of stablecoins into financial markets and payments. Animoca Brands will explore use cases across the Web3 ecosystem, while HKT plans to integrate the stablecoin into its mobile wallet.

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