Standard Chartered leads Hong Kong’s Stablecoin push with Animoca & HKT

By Gloria Methri

Standard Chartered Bank (Hong Kong) Limited, Animoca Brands, and Hong Kong Telecommunications (HKT) have announced plans to issue a stablecoin backed by the Hong Kong dollar. The three companies are partnering to create and introduce a digital currency, set to be among Hong Kong’s first regulated stablecoins.

The partnership combines Standard Chartered’s banking knowledge, along with Animoca Brands’ blockchain technology experience and HKT’s mobile payment systems knowledge.

Hong Kong’s monetary system operates uniquely compared to other countries. Rather than issuing currency directly, the Hong Kong Monetary Authority (HKMA) oversees the process, allowing three banks—HSBC, Bank of China (Hong Kong), and Standard Chartered—to issue Hong Kong dollars. This structure makes Standard Chartered’s role in the stablecoin project especially significant.

Animoca Brands will utilise its deep industry expertise and vast Web3 network to help the joint venture access crypto-native opportunities while exploring innovative use cases that support long-term growth in the Web3 ecosystem.

Meanwhile, HKT, an expert in technology, media, and telecommunications, will apply its mobile wallet expertise to drive the development of stablecoin use cases, with a focus on improving domestic and cross-border payments for the benefit of both consumers and merchants.

Mary Huen, Chief Executive Officer, Hong Kong and Greater China & North Asia, Standard Chartered,  said, “As a participant of the HKMA’s stablecoin issuer sandbox, Standard Chartered looks forward to becoming one of the first issuers launching an HKD-backed stablecoin together with our strategic partners, bringing an innovative medium of exchange to Hong Kong and charting a new chapter for Hong Kong’s digital asset market. By leveraging the bank’s and our partners’ core strengths, we aim to launch a stablecoin that can be used securely by institutions and individuals across a wide number of use cases.”

Evan Auyang, Group President, Animoca Brands, said, “Stablecoins are one of the best proven and most widely recognised use cases for Web3, and we are still in the early stages for mass adoption of stablecoins across retail, enterprises and institutions. This opportunity to become one of the first to issue a fiat-backed stablecoin under the HKMA’s licensing regime reinforces our conviction that Hong Kong has a bright future as a global Web3 hub, leading the charge to grow the industry in a safe and compliant manner.”

Susanna Hui, Group Managing Director, HKT, said, “HKT is dedicated to leveraging technology to support our dynamic consumer and merchant ecosystem, aiding merchants in navigating the constantly evolving retail landscape. We believe that issuing an HKD-linked stablecoin will enhance payment efficiency, streamline transactions, and provide greater security and transparency through advanced Web3 innovations, ultimately benefiting the broader retail sector.”

SCBHK, Animoca Brands, and HKT have been actively engaged in the HKMA stablecoin issuer sandbox since its launch in July 2024. Their participation aims to explore the role of stablecoins in advancing financial markets and payments by connecting Web3 with traditional finance, reinforcing Hong Kong’s status as a global digital assets hub.