Standard Chartered and Animoca Drive Stablecoin Adoption in Hong Kong
A new regulated stablecoin is on the horizon as Standard Chartered, Animoca, and HKT announce a joint venture to launch a Hong Kong dollar-backed digital asset. The partnership aligns with the city’s growing push toward crypto innovation.
On February 17, 2025, Animoca Brands confirmed the launch of a new joint venture, filing an application for a Hong Kong Monetary Authority (HKMA) license to operate within the city’s regulated crypto framework.
Standard Chartered Bank (Hong Kong) Limited, part of a global financial network spanning 52 countries, will provide institutional-grade banking support for the stablecoin project. With extensive experience in cross-border stablecoin transactions, the bank ensures a secure and scalable financial infrastructure for the initiative.
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As a Web3 powerhouse, Animoca Brands aims to drive innovation in stablecoin applications by leveraging its deep industry connections and expertise in blockchain ecosystems.
HKT, a tech giant with a stronghold in fintech and telecommunications, will play a key role in integrating digital payment solutions, ensuring a seamless and scalable financial infrastructure for the stablecoin’s adoption.
The HKMA sandbox initiative, launched in July 2024, has provided a testing ground for financial innovation, allowing participants to explore advanced tokenization strategies. The findings demonstrate that integrating traditional banking infrastructure with blockchain-powered solutions can lead to a more robust and seamless payment ecosystem.
The proposed Hong Kong dollar-pegged stablecoin aims to streamline domestic and international financial transactions, serving as a catalyst for Hong Kong’s digital financial transformation. However, the launch remains subject to regulatory approval, with the project still in its development stage.
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The partnership exemplifies how leveraging institutional banking expertise, fintech leadership, and telecom advancements can pave the way for a modernized financial framework. By addressing the growing demands of digital finance, this initiative positions Hong Kong as a frontrunner in global financial innovation.
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