Standard Chartered, Animoca Brands, And HKT Plan New HKD Stablecoin

Standard Chartered Bank (Hong Kong) Limited (SCBHK), Animoca Brands, and HKT have joined hands to start a new project. It plans to apply for a license from the Hong Kong Monetary Authority (HKMA) to launch a stablecoin backed by the Hong Kong dollar. This will be part of Hong Kong’s new rules for digital money.

Standard Chartered has worked with stablecoin companies all over the world. The bank said it will use its strong banking system and strict rules to help the new project. It has also taken part in all of the HKMA’s digital money projects in recent years. The bank noted that it is excited to play a key role in this joint venture.

Animoca Brands And HKT Bring Their Expertise To The Project

Animoca Brands, a well-known Web3 company in Hong Kong, said it will use its knowledge and network in the crypto world to support the project. It noted that the stablecoin will create many new opportunities and help the Web3 space grow.

HKT, a leader in technology and mobile wallets, added that it will use its skills to help make the stablecoin useful for both local and global payments. The company stated that it wants to make transactions smoother and bring more benefits to people and businesses.

The Chief Executive Officer of Standard Chartered, Bill Winters, said digital money is here to stay. He added that different kinds of digital money, like stablecoins, are important for the industry’s growth. He noted that Standard Chartered is already working on other digital money projects and wants to support the development of stablecoins in Hong Kong and worldwide.

Mary Huen, the head of Standard Chartered in Hong Kong and Greater China, stated that the bank is happy to work with its partners on this new stablecoin. She said the bank is one of the companies testing stablecoins in the HKMA’s sandbox and looks forward to launching a secure and useful HKD-backed stablecoin.

The Stablecoin Could Boost Hong Kong’s Digital Finance Sector

Evan Auyang, the Group President of Animoca Brands, stated that the company is excited about this project. He said stablecoins are one of the most popular digital money types in Web3. He added that the project will help make Hong Kong a global Web3 centre by growing the industry in a safe and legal way.

Susanna Hui, the head of HKT, said the company will use advanced technology to help the stablecoin work well. She stated that this digital money will make payments easier, faster, and safer for businesses and customers. She noted that HKT is happy to work with its partners to support Hong Kong’s digital future.