Standard Chartered, Animoca Brands, and HKT to Launch HKD-Backed Stablecoin

Standard Chartered’s Hong Kong branch has partnered with Animoca Brands and Hong Kong Telecommunications (HKT) to launch a stablecoin pegged to the Hong Kong dollar (HKD). The collaboration marks a significant step in positioning Hong Kong as a leader in the regulated digital asset space.

A Strategic Alliance for a Regulated Stablecoin

The joint venture plans to apply for a license under the Hong Kong Monetary Authority’s (HKMA) new stablecoin regulatory framework, aiming to become one of the first regulated stablecoin issuers.

• Standard Chartered will provide its banking infrastructure.
• Animoca Brands will contribute its web3 and crypto expertise.
• HKT will integrate mobile wallet and payment technology.

The stablecoin is expected to facilitate payments, cross-border transactions, and decentralized finance (DeFi) applications.

Driving Hong Kong’s Digital Asset Leadership

The move aligns with Hong Kong’s broader digital asset strategy, which gained momentum after the release of the Stablecoins Bill in December 2024, establishing licensing requirements for stablecoin issuers.

In March 2024, Standard Chartered, Animoca Brands, and HKT participated in the HKMA’s stablecoin sandbox, exploring how stablecoins can connect web3 innovations with traditional finance.

Leadership Perspectives

Mary Huen, CEO of Standard Chartered Hong Kong, stated: “We are excited to pioneer an HKD-backed stablecoin with our partners, marking a new chapter for Hong Kong’s digital asset ecosystem.”

This partnership represents a significant milestone in Hong Kong’s journey to becoming a global digital asset hub, combining banking expertise, blockchain innovation, and telecom technology to drive secure and scalable digital payments.