HKD Stablecoin Project Launched by Standard Chartered Hong Kong
Standard Chartered Hong Kong (SCBHK), along with Animoca Brands and HKT, a telecom company, announced their collaboration in a joint venture to introduce a stablecoin pegged to the Hong Kong dollar.
A statement released on February 17th indicated that the launch of this stablecoin is contingent upon receiving regulatory clearance from the Hong Kong Monetary Authority (HKMA).
Since July 2024, SCBHK, Animoca Brands, and HKT have been active participants in the HKMA’s stablecoin issuer sandbox program. This joint venture aims to be among the first to launch a fully compliant stablecoin backed by fiat currency in Hong Kong.
Mary Huen, CEO of Standard Chartered for Hong Kong and Greater China & North Asia, voiced her optimism about launching one of the initial stablecoins backed by the Hong Kong dollar.
She highlighted the joint venture’s dedication to financial technology innovation, aiming to offer a secure and broadly accessible digital currency for both institutions and individual users.
Strategic Collaboration
SCBHK’s global experience with stablecoin issuers is a key asset, providing the joint venture with bank-level infrastructure and a strong governance structure.
The bank’s active involvement in HKMA’s tokenized money initiatives positions it as a significant contributor to Hong Kong’s developing digital asset landscape.
Animoca Brands will utilize its extensive network within the cryptocurrency industry to boost the adoption of the stablecoin in crypto-focused markets. The company plans to explore various applications within the Web3 ecosystem, supporting the stablecoin’s sustained growth and integration into digital commerce.
HKT, a leader in telecommunications and mobile payment solutions, will enhance the practicality of the stablecoin by developing applications for both local and international payments.
Evan Auyang, Group President of Animoca Brands, stated that stablecoins represent a mature and highly promising use of Web3 technology. He emphasized that this partnership with Standard Chartered Hong Kong and HKT underscores Hong Kong’s capacity to spearhead the digital asset sector within a secure and regulated environment.
Chainalysis’ recent “Geography of Crypto Report” indicated that Hong Kong experienced an 85.6% year-over-year increase in cryptocurrency adoption, the largest in Eastern Asia.
The report attributed this growth primarily to the region’s supportive regulatory environment, particularly concerning institutional adoption.
