Standard Chartered joins forces with Animoca and HKT for Hong Kong dollar-backed stablecoin
Standard Chartered partners with Animoca and HKT to launch HKD-backed stablecoin
Standard Chartered has partnered with Web3 leader Animoca Brands and telecommunications giant HKT to launch a stablecoin pegged to the Hong Kong dollar (HKD). This initiative marks a significant milestone in Hong Kong’s digital asset landscape, strengthening its position as a hub for blockchain innovation and financial technology.
The collaboration brings together key players from different sectors to build a robust stablecoin ecosystem:
- Standard Chartered Bank (Hong Kong) Limited (SCBHK) – As a global banking institution with experience in digital asset initiatives, SCBHK will provide its bank-grade infrastructure and governance expertise to ensure the stablecoin’s security and compliance.
- Animoca Brands – A prominent blockchain and gaming company, Animoca Brands will focus on integrating the stablecoin into Web3 applications, exploring its use across decentralized finance (DeFi) and digital entertainment.
- HKT – One of Hong Kong’s largest telecom providers, HKT plans to integrate the stablecoin into its mobile payment solutions, enabling seamless transactions within its financial ecosystem.
The joint venture is an extension of the companies’ participation in the Hong Kong Monetary Authority (HKMA) stablecoin sandbox, which launched in July 2024 to explore how stablecoins can bridge traditional finance and Web3 applications.
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Regulatory compliance and licensing goals
To solidify its role as a trusted stablecoin issuer, the consortium plans to apply for a license from the Hong Kong Monetary Authority (HKMA). The HKD-backed stablecoin is expected to play a crucial role in cross-border payments, financial inclusion, and broader adoption of digital finance solutions in the region.
Commenting on the partnership, Bill Winters, Group CEO of Standard Chartered, highlighted the growing importance of digital assets:
«Digital assets are here to stay, and the evolution of tokenized money is a key factor in the development of this industry. Stablecoins serve as a crucial link in the digital asset ecosystem, and Standard Chartered’s infrastructure and governance place us in a strong position to contribute to this transformation.»
Similarly, Yat Siu, Executive Chairman of Animoca Brands, emphasized the significance of stablecoins in Web3 innovation:
«Stablecoins are one of the most established forms of Web3 assets, and Hong Kong is set to become a major global hub for digital finance. Through this joint venture, we aim to set a benchmark for regulatory-compliant digital assets that can be used across multiple industries.»
With global regulatory scrutiny on stablecoins increasing, this project represents a proactive step toward ensuring trust, stability, and practical utility in digital finance. As the consortium moves forward with its licensing application, all eyes will be on Hong Kong’s ability to balance innovation with regulatory compliance—potentially setting a precedent for other global financial hubs.
Previously, we reported that Standard Chartered, one of the world’s leading banks, has officially entered the European cryptocurrency market.
