Standard Chartered, Animoca Brands, HKT to pursue Hong Kong dollar-backed stablecoin

Stablecoins are digital assets that maintain a fixed value relative to a government-issued fiat currency or other reference rate

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A view of Central from above. Photo: Sam Tsang

Published: 8:27pm, 17 Feb 2025

Standard Chartered on Monday said it would set up a joint venture with Animoca Brands and Hong Kong Telecom (HKT) to seek a licence from the Hong Kong Monetary Authority (HKMA) to issue a Hong Kong dollar-backed stablecoin.

Standard Chartered said the joint venture would “fully utilise its bank-grade infrastructure and rigorous governance”. Animoca Brands, a Hong Kong-based global Web3 leader, will help to “tap into crypto-native opportunities”, while HKT would use its mobile wallet expertise to develop stablecoin use cases and enhance domestic and cross-border payments, a statement from Standard Chartered said.

“As public chain instruments with proven use cases, stablecoins play a critical role in the overall digital asset ecosystem,” Standard Chartered CEO Bill Winters said.

“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.”

Stablecoins are virtual assets (VAs) issued by private entities that maintain a fixed value relative to a government-issued fiat currency or other reference rate. They traditionally serve as a bridge for transactions involving digital assets on blockchains, which cannot directly interact with fiat currencies.

Policymakers in Hong Kong have been pressing ahead with initiatives to help promote the city as a leading cryptocurrency hub.