StanChart and Others Form Stablecoin JV in Hong Kong
UK-headquartered Standard Chartered is joining hands with others to form a Hong Kong dollar-backed stablecoin joint venture.
Standard Chartered is joining two Hong Kong-based companies – Web3 expert Animoca Brands and telecom firm HKT – to establish a stablecoin joint venture, according to a statement.
The venture will apply for a license from the Hong Kong Monetary Authority (HKMA) to issue a Hong Kong dollar-backed stablecoin. It will leverage Standard Chartered’s bank-grade infrastructure and rigorous governance, Animoca’s Web3 capabilities and HKT’s mobile wallet expertise.
Local Experience
Standard Chartered has taken part in all of HKMA’s tokenized money projects over the past few years. This includes a stablecoin issuer sandbox launched in July 2024, jointly with Animoca and HKT.
«Digital assets are here to stay and the development of different forms of tokenized money is integral to the advancement of this industry. That is why we are actively involved in various Central Bank Digital Currencies, tokenized deposits and, of course, stablecoins projects,» said Standard Chartered group CEO Bill Winters.
«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.»
