Catenaa, Saturday, February 22, 2025 – Standard Chartered Bank (Hong Kong) Limited, Animoca Brands, and HKT have announced a joint venture to issue a Hong Kong dollar-backed stablecoin, aiming to enhance digital payments and financial efficiency.
The firms plan to apply for a stablecoin issuance license under the Hong Kong Monetary Authority’s (HKMA) new regulatory framework. Standard Chartered will provide banking expertise, Animoca will drive Web3 innovation, and HKT will leverage its mobile payments infrastructure for adoption.
The initiative aligns with Hong Kong’s push to integrate digital assets into its financial system. Officials say stablecoins will facilitate cross-border transactions while ensuring compliance with regulatory standards.
“Stablecoins are one of the best proven and most widely recognized use cases for Web3,” said Evan Auyang, Group President of Animoca Brands, emphasizing their potential for mass adoption across retail and institutional markets.
The companies have already participated in HKMA’s stablecoin issuer sandbox, introduced in 2024, which allows firms to test applications under regulatory oversight. Meanwhile, Hong Kong’s Securities and Futures Commission (SFC) is strengthening digital asset regulations, with recent approvals for crypto-based investment immigration and new virtual asset trading platforms.
Privacy and security remain key concerns, but the HKMA’s framework enforces strict compliance measures, including KYC and AML protocols. The partnership could accelerate stablecoin adoption and position Hong Kong as a leader in digital finance.
