StanChart HK enters JV to develop HKD-backed stablecoin

It is working with telecom company HKT and game software company Animoca Brands.

Standard Chartered Bank (Hong Kong), game software company Animoca Brands, and Hong Kong telecom company HKT are establishing a joint venture to issue a Hong Kong dollar-backed stablecoin.

HKT will use its mobile wallet expertise to support the JV into developing stablecoin use cases aimed for use in both domestic and cross-border payments, according to a joint press release.

“By leveraging the bank’s and our partners’ core strengths, we aim to launch a stablecoin that can be used securely by institutions and individuals across a wide number of use cases,” said Mary Huen, Chief Executive Officer, Hong Kong and Greater China & North Asia, Standard Chartered.

Standard Chartered Bank Hong Kong, Animoca Brands and HKT have been jointly participating in the Hong Kong Monetary Authority’s (HKMA) stablecoin issuer sandbox that was launched in July 2024. The three entities explored how stablecoins can play a key role in the development of financial markets and payments.

The JV is positioned to be amongst one of the first issuers in the stablecoin industry in Hong Kong, the statement said.

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Standard Chartered Bank (Hong Kong)

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