- A new stablecoin joint venture in Hong Kong brings together Standard Chartered, HKT, and Animoca Brands seeking regulatory approval.
- The partnership leverages Standard Chartered’s banking infrastructure, HKT’s payment solutions, and Animoca’s web3 expertise.
- This initiative follows Hong Kong’s recently published stablecoin regulations and Sandbox program.
- Standard Chartered continues to expand its digital asset presence through various ventures and investments.
- The joint venture aims to be among the first licensed stablecoin issuers in Hong Kong.
Standard Chartered Bank Hong Kong is advancing its digital currency ambitions by forming a joint venture with Hong Kong Telecom (HKT) and web3 company Animoca Brands to issue stablecoins under Hong Kong’s new regulatory framework. The partnership emerged from their earlier sandbox collaboration announced in July 2023.
The venture combines Standard Chartered’s banking expertise and governance infrastructure with HKT’s payment solutions and Animoca’s web3 capabilities. Standard Chartered brings significant cryptocurrency experience through its relationship with stablecoin issuer Paxos and participation in various Hong Kong digital currency initiatives.
Bill Winters, Standard Chartered Group CEO, emphasized the permanence of digital assets, stating: “Digital assets are here to stay and the development of different forms of tokenised money is integral to the advancement of this industry.”
The partnership positions HKT to test stablecoin adoption for everyday transactions, an area where current stablecoins have shown limited success. Susanna Hui, HKT’s Group Managing Director, highlighted the potential benefits: “We believe that issuing an HKD-linked stablecoin will enhance payment efficiency, streamline transactions, and provide greater security and transparency through advanced Web3 innovations.”
Standard Chartered has established itself as a leader in digital asset innovation through various initiatives, including:
– Zodia Custody for digital asset storage
– Zodia Markets for stablecoin trading
– Libeara for tokenization services
– Investments in SWIAT and Partior for traditional finance tokenization
The venture joins a growing list of bank-linked stablecoin initiatives, including Societe Generale FORGE and Deutsche Bank’s AllUnity project. Currently, more than 20 banks are developing stablecoin solutions globally, signaling increasing institutional interest in digital currency infrastructure.
[Note: The final promotional paragraph has been omitted as it was advertising content.]
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