Financial giants Standard Chartered, Animoca Brands, and HKT join forces to establish a new venture centered around stablecoins.
A significant development in the world of digital assets and stablecoins has taken place in Hong Kong, with the formation of a joint venture between Standard Chartered Bank Hong Kong Ltd, Animoca Brands, and Hong Kong Telecom (HKT). The consortium aims to issue a Hong Kong dollar (HKD)-backed stablecoin, subject to obtaining the necessary license from the Hong Kong Monetary Authority (HKMA).
The joint venture is actively participating in Hong Kong's regulatory stablecoin framework, having joined the HKMA’s stablecoin issuer sandbox since July 18, 2024. With the Hong Kong Stablecoins Ordinance coming into effect on August 1, 2025, the consortium will be subject to the licensing regime introduced by the HKMA for fiat-referenced stablecoins (FRS).
The partners are preparing to apply for or comply with the stablecoin issuer licensing requirements under this regulatory framework. The ordinance imposes strict conditions on stablecoin issuance, including licensing, reserve transparency, and anti-money laundering measures, which the consortium will have to meet. The HKMA is finalizing guidelines on supervision and compliance for licensed stablecoin issuers, expected around the Ordinance’s implementation date.
Standard Chartered Bank, with its experience working with stablecoin issuers globally and with the HKMA, will bring a wealth of knowledge and expertise to the joint venture. The bank is actively involved in various Central Bank Digital Currencies, tokenised deposits, and stablecoin projects.
Animoca Brands, one of the leading Web3 companies in the industry, has established a network of over 180 portfolio companies. Their involvement in the joint venture allows access to a diverse range of crypto-native opportunities. Animoca Brands is one of the first companies to apply for a license to issue a fiat-backed stablecoin under the HKMA's regulatory framework.
Hong Kong Telecom, with its established presence in the telecommunications and fintech crossover industry, brings mobile wallet technology to the table. Susanna Hui, Group Managing Director of HKT, believes that issuing an HKD-linked stablecoin will improve payment efficiency, streamline transactions, and provide greater security and transparency.
Bill Winters, Group Chief Executive of Standard Chartered, expressed support for the advancement of digital assets and stablecoins. Evan Auyang, Group President of Animoca Brands, expressed confidence in Hong Kong's potential as a global Web3 hub.
The joint venture plans to utilize the combined strengths of Standard Chartered Bank, Animoca Brands, and Hong Kong Telecom to develop and issue the stablecoin. This collaboration will result in a bank-grade infrastructure and rigorous governance, providing greater security and transparency through advanced Web3 innovations.
In summary, the joint venture is progressing under Hong Kong’s newly established regulatory framework, actively participating in the HKMA’s sandbox and preparing to obtain the necessary licensing to issue a legally compliant HKD-backed stablecoin. The aim is to enhance payment efficiency and streamline transactions.
- The joint venture between Standard Chartered Bank, Animoca Brands, and Hong Kong Telecom aims to collaborate and issue a Hong Kong dollar-backed stablecoin, subject to receiving the necessary license from the Hong Kong Monetary Authority (HKMA).
- The partners will utilize the combined strengths of Standard Chartered Bank, Animoca Brands, and Hong Kong Telecom to develop and issue the stablecoin, planning to provide a bank-grade infrastructure, rigorous governance, and advanced Web3 innovations for greater security and transparency.
- Animoca Brands, a prominent player in the Web3 industry, is one of the first companies to apply for a license to issue a fiat-backed stablecoin under Hong Kong's regulatory framework, signifying their dedication to the advancement of digital assets and stablecoins in the finance and technology sectors.
