Standard Chartered Hong Kong Launches Hong Kong Dollar-Backed Stablecoin
Standard Chartered’s Hong Kong arm (SCBHK), in collaboration with Animoca Brands and telecom firm HKT, has announced a joint venture to launch a Hong Kong dollar-backed stablecoin. This initiative is pending regulatory approval from the Hong Kong Monetary Authority (HKMA).
Regulatory Approval Pending
- SCBHK, Animoca Brands, and HKT have been actively participating in HKMA’s stablecoin issuer sandbox since July 2024.
- The joint venture aims to be among the first to launch a compliant, fiat-backed stablecoin in Hong Kong.
Mary Huen, CEO of Standard Chartered Hong Kong and Greater China & North Asia, expressed confidence in launching one of the first Hong Kong dollar-backed stablecoins. She emphasized the joint venture’s commitment to fintech innovation to provide a secure and widely usable digital currency for institutions and individuals alike.
Three-Pronged Effort
SCBHK brings extensive experience working with stablecoin issuers globally, ensuring the joint venture benefits from its bank-grade infrastructure and robust governance framework. The bank has actively participated in HKMA’s tokenized money projects, positioning itself as a key player in Hong Kong’s evolving digital asset ecosystem.
Meanwhile, Animoca Brands will leverage its deep industry networking to drive stablecoin adoption in crypto-native markets. The company plans to explore various use cases across the Web3 space, supporting the stablecoin’s long-term growth and integration into digital commerce.
HKT, a company in the telecommunications and mobile wallet sector, will enhance the utility of stablecoins by developing applications for domestic and cross-border payments.
Animoca Brands Group President Evan Auyang said stablecoins are one of the most established and promising applications of Web3 technology. He stressed that the partnership with SCBHK and HKT reaffirms Hong Kong’s potential to lead the digital asset industry in a safe and regulated environment.
Hong Kong’s Growing Crypto Adoption
- According to Chainalysis’ latest “Geography of Crypto Report,” Hong Kong’s year-over-year growth in crypto adoption was 85.6%, the largest in Eastern Asia.
- The report attributed this growth to the region’s supportive regulatory framework, especially regarding institutional adoption.
