Standard Chartered has signed a deal with Animoca Brands and HKT to launch HKD-Backed Stablecoin in Hong Kong.
Takeaway Points
- Standard Chartered has signed a deal with Animoca Brands and HKT to launch HKD-Backed Stablecoin.
- Animoca Brands will leverage its industry expertise and extensive network in the Web3 space to enable the JV to tap into crypto-native opportunities.
- HKT is a technology, media, and telecommunication leader with more than 150 years of history in Hong Kong.
HKD-Backed Stablecoin Launch
Standard Chartered Bank (Hong Kong) Limited (“SCBHK”) announced on Monday that it has entered into agreements with Animoca Brands and HKT to establish a joint venture (“JV”) with the intention to apply for a license from the Hong Kong Monetary Authority (“HKMA”) in the new regulatory regime in order to issue a Hong Kong dollar-backed stablecoin.
SCBHK said it is happy to contribute to the growing digital asset ecosystem in Hong Kong by being a key anchor to the JV.
Bill Winters, Group Chief Executive, Standard Chartered, commented, “Digital assets are here to stay and the development of different forms of tokenised money is integral to the advancement of this industry. That is why we are actively involved in various Central Bank Digital Currencies, tokenised deposits and, of course, stablecoins projects. We are introducing solutions and instruments that service this market and meet the growing client demand. As public chain instruments with proven use cases, stablecoins play a critical role in the overall digital asset ecosystem. Standard Chartered’s bank-grade infrastructure, governance and global reach mean that we are in a good position to materially contribute to the development of the ecosystem being built in Hong Kong and globally.”
Evan Auyang, Group President, Animoca Brands, remarked, “As the leading Web3 ecosystem player headquartered in Hong Kong, Animoca Brands is absolutely thrilled to collaborate with SCBHK and HKT on this joint venture. Stablecoins are one of the best proven and most widely recognised use cases for Web3, and we are still in the early stages for mass adoption of stablecoins across retail, enterprises and institutions. This opportunity to become one of the first to issue a fiat-backed stablecoin under the HKMA’s licensing regime reinforces our conviction that Hong Kong has a bright future as a global Web3 hub, leading the charge to grow the industry in a safe and compliant manner.”
Other comment
Susanna Hui, Group Managing Director, HKT, said, “HKT is dedicated to leveraging technology to support our dynamic consumer and merchant ecosystem, aiding merchants in navigating the constantly evolving retail landscape. We believe that issuing an HKD-linked stablecoin will enhance payment efficiency, streamline transactions, and provide greater security and transparency through advanced Web3 innovations, ultimately benefiting the broader retail sector. As a leading technology solutions provider, we are delighted to join hands with our partners, bolstering Hong Kong’s businesses and reinforcing its status as a leading innovation hub.”
The Joint Venture
According to the report, Animoca Brands will leverage its industry expertise and extensive network in the Web3 space to allow the JV to tap into crypto-native opportunities and will explore innovative use cases across the Web3 ecosystem conducive to the JV’s long-term growth.
HKT, a technology, media, and telecommunication pioneer, will leverage its mobile wallet expertise to enable the JV to develop innovative stablecoin use cases, aiming to enhance both domestic and cross-border payments and provide greater benefits to consumers and merchants alike, the report stated.
Animoca Brands
Animoca Brands, a Deloitte Tech Fast winner, a Fortune Crypto 40 company, one of the Top 50 Blockchain Game Companies 2025, and one of the Financial Times’ High Growth Companies Asia-Pacific 2023, is a Web3 leader that leverages blockchain to deliver digital property rights to consumers around the world to help to establish the open metaverse. The company develops and publishes a broad portfolio of products and content across gaming, education, entertainment, and more via multiple subsidiaries, including The Sandbox.
Animoca Brands is one of the most active investors in Web3, with a portfolio of over 540 investments, including Yuga Labs, Axie Infinity, Polygon, Consensys, Magic Eden, Fireblocks, OpenSea, Dapper Labs, Yield Guild Games, and many more. Animoca Brands is headquartered in Hong Kong and backed by institutional investors including Temasek, Boyu Capital, GGV Capital, C Ventures, Dragonfly, Mitsui & Co, 10T Holdings, Liberty City Ventures, and others. For more information, visit www.animocabrands.com or follow on X (Twitter), YouTube, Instagram, LinkedIn, Facebook, and TikTok.
HKT
HKT is a technology, media, and telecommunication leader with more than 150 years of history in Hong Kong. As the city’s true 5G provider, HKT connects businesses and people locally and globally. Our end-to-end enterprise solutions make us a market-leading digital transformation partner of choice for businesses, whereas our comprehensive connectivity and smart living offerings enrich people’s lives and cater to their diverse needs for work, entertainment, education, well-being, and even a sustainable low-carbon lifestyle. Together with our digital ventures which support digital economy development and help connect Hong Kong to the world as an international financial centre, HKT endeavours to contribute to smart city development and help our community tech forward.
