The collaboration would build on Standard Chartered’s bank-grade infrastructure, Animoca Brands’ Web3 expertise, and HKT’s mobile wallet capabilities to enhance domestic and cross-border payments.
“Stablecoins play a critical role in the overall digital asset ecosystem,” said Standard Chartered CEO Bill Winters.
“We are in a good position to materially contribute to the development of the ecosystem being built in Hong Kong and globally.”
The initiative coincides with Hong Kong’s push to establish itself as a leading cryptocurrency hub. In December 2023, the city proposed a stablecoin bill to create a regulatory framework for issuances. Standard Chartered’s joint venture is among three issuers approved by the HKMA in July to test stablecoin use cases.
Animoca Brands president Evan Auyang highlighted the opportunity to issue a fiat-backed stablecoin under HKMA’s licensing regime, reinforcing Hong Kong’s potential as a global Web3 hub. HKT’s managing director, Susanna Hui, added that a Hong Kong dollar-linked stablecoin would enhance payment efficiency, security, and transparency through Web3 innovations.
Hong Kong’s role in the digital asset ecosystem is indeed growing with these developments, as they could offer new opportunities for innovation and compliance in the Web3 era.
Disclaimer: The content on this website is for informational purposes only and does not constitute financial, investment, or legal advice. Always consult a qualified professional before making financial decisions.
