Collaborative Effort by Standard Chartered, Animoca Brands, and HKT Focuses on Digital Currencies with Stable Values
Hong Kong Telecom, Standard Chartered, and Animoca Brands Form Joint Venture to Issue Hong Kong Dollar-Backed Stablecoin
Hong Kong is set to become a significant hub for regulated stablecoins, as Standard Chartered Bank Hong Kong Ltd, Animoca Brands, and Hong Kong Telecom (HKT) have formed a joint venture to issue a Hong Kong dollar-backed stablecoin. This venture, publicly launched in February 2025, aims to create a HKD-denominated stablecoin compliant with the newly introduced Hong Kong stablecoin regulatory framework.
The joint venture's focus on a localized approach to digital currency issuance suggests a commitment to catering to the Hong Kong market. This move aligns with Hong Kong's new legal regime for stablecoins, enacted in May 2025, which imposes stricter licensing requirements and investor protections, enhancing market confidence.
The collaboration holds significant potential to advance Hong Kong’s standing in digital finance, enabling new financial services and enhancing cross-border trade settlement capabilities. The stablecoin is expected to provide a regulated, secure, and liquid digital version of the Hong Kong dollar, facilitating cross-border payments, reducing settlement times, and underpinning programmable financial products like tokenized assets and smart escrow services.
Standard Chartered Bank, with its institutional strength, is well-positioned to meet the compliance demands of the project. The bank is actively participating in various Central Bank Digital Currencies, tokenized deposits, and stablecoin projects. The joint venture will leverage Standard Chartered's experience working with stablecoin issuers globally and with the HKMA, enabling bank-grade infrastructure and rigorous governance.
Animoca Brands, as a leading Web3 company, brings a network of over 180 portfolio companies to the table, providing the joint venture with access to a diverse range of crypto-native opportunities. Evan Auyang, Group President of Animoca Brands, believes that this joint venture will help grow the industry in a safe and compliant manner, contributing to Hong Kong's promising future as a global Web3 hub.
HKT, established in the telecommunications and fintech crossover industry with its mobile wallet technology, will play a crucial role in developing extensive stablecoin use cases. Susanna Hui, Group Managing Director of HKT, believes that the issuance of a stablecoin will enhance payment efficiency, streamline transactions, and provide greater security and transparency.
The joint venture's application for a license from the Hong Kong Monetary Authority (HKMA) indicates a regulatory approval process for the issuance of the stablecoin. Bill Winters, Group Chief Executive of Standard Chartered, has expressed support for the development of stablecoins and other tokenized money forms, further emphasizing the legitimacy of this venture.
In conclusion, this joint venture is a pioneering effort toward introducing a regulated HKD-backed stablecoin in Hong Kong, supported by robust institutional partnerships and new regulatory clarity. It holds significant potential to advance Hong Kong’s standing in digital finance, enabling new financial services and enhancing cross-border trade settlement capabilities.
The joint venture's digital currency issuance Strategy is anticipated to boost theNews of Hong Kong's standing in the technology sector, particularly in the field of finance and business. As Animoca Brands, with its extensive network, brings opportunities from the Web3 world, the stablecoin can underpin the development of various programmable financial products like tokenized assets and smart escrow services.
