Game and Software Company Animoca Brands and Two Giant Companies Partner Up to Launch a New Stablecoin! Here are the Details

Standard Chartered Bank, Animoca Brands, and HKT have announced a joint venture to develop and issue a Hong Kong dollar-backed stablecoin under the city's new regulatory framework.

Standard Chartered, Animoca Brands, and HKT to Launch HKD-Backed Stablecoin Joint Venture

The partners plan to apply for a (HKMA) license from the Hong Kong Monetary Authority as part of the government's effort to establish the region as a global digital asset hub.

Strategic Partnership for a Regulated Stablecoin

Bringing together expertise in partnership banking, Web3, and telecommunications sectors:

• Standard Chartered will leverage its banking-grade infrastructure and global stablecoin market experience. The bank has actively participated in HKMA's tokenized currency projects and is committed to fostering innovation in Central Bank Digital Currencies (CBDCs), tokenized deposits, and stablecoins.
• Animoca Brands, a leading Web3 company, will contribute its expertise in its extensive crypto network and blockchain ecosystems to develop use cases for decentralized finance (DeFi) and stablecoins in digital assets.
• HKT, a major telecommunications and digital payments provider, will support stablecoin adoption through mobile wallet integration, enhancing cross-border payments and retail transactions.

HKD stablecoin aims to provide a secure and compliant digital currency that can be used by individuals, institutions, and traders in Hong Kong. The initiative is compatible with HKMA's stablecoin-issuing Sandbox launched in July 2024 to explore stablecoin applications in finance and payments.

Bill Winters, Group CEO of Standard Chartered, highlighted the growing role of stablecoins in the digital economy:

“Digital assets are permanent and stablecoins play a critical role in the advancement of the sector. Standard Chartered's infrastructure, governance, and global reach position us well to contribute to the development of this ecosystem in Hong Kong and beyond.”

Evan Auyang, Group President of Animoca Brands, emphasized the importance of the project:

*"Stablecoins are among the most widely recognized Web3 applications, and this Joint Venture will help drive mainstream adoption in Hong Kong's evolving digital economy." *

*Not investment advice.

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