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The Coin Rise 2025-02-17 14:15:56

Standard Chartered, Animoca, and HKT Join Forces for HK Dollar Stablecoin

Standard Chartered, Animoca, and HKT Join Forces for HK Dollar Stablecoin

Standard Chartered Bank Hong Kong, Animoca Brands, and Hong Kong Telecommunications (HKT) have teamed up to launch a Hong Kong dollar-backed stablecoin under a newly formed joint venture. The consortium is preparing to apply for a license from the Hong Kong Monetary Authority (HKMA), the region’s top financial regulator, signaling a major step toward regulated stablecoin adoption in the city. Standard Chartered’s role is particularly significant, given Hong Kong’s unique monetary framework. Unlike traditional central banks, the HKMA does not directly issue currency. Instead, three major financial institutions—HSBC, Bank of China (Hong Kong), and Standard Chartered—are responsible for issuing the Hong Kong dollar under the HKMA’s supervision. With Animoca Brands’ deep expertise in blockchain and HKT’s experience in mobile payment systems, the joint venture aims to develop stablecoin use cases for domestic and cross-border transactions. The move aligns with Hong Kong’s broader ambition to establish itself as a global digital asset hub. Hong Kong’s Stablecoin Licensing Framework The stablecoin initiative will be subject to Hong Kong’s proposed regulatory framework , which mandates licensing for stablecoin issuers. The bill, introduced to the Legislative Council in December 2024, is currently under review. If enacted, all stablecoin issuers will be required to obtain an HKMA license, maintain reserve backing, and ensure price stability. The three firms participating in the joint venture have been part of the HKMA’s stablecoin sandbox since mid-2024. Other participants in the sandbox include Jingdong Coinlink Technology, which announced its own Hong Kong dollar-pegged stablecoin last July, and RD InnoTech, which has partnered with HashKey exchange to develop its own digital asset initiative. Hong Kong has been actively expanding its presence in the crypto sector, recently approving spot Bitcoin and Ether ETFs . The city has also implemented a strict licensing regime for crypto exchanges, with nine platforms already securing approval from the Securities and Futures Commission (SFC). Competition Heats Up in Asia With this joint venture, Hong Kong is intensifying competition with Singapore, which has also positioned itself as a digital asset-friendly jurisdiction. The city’s push for regulated stablecoins comes as governments worldwide look to tighten oversight of digital assets while fostering innovation in financial markets. As regulatory frameworks solidify and institutional players like Standard Chartered enter the space, stablecoins may soon play a larger role in mainstream finance. The post Standard Chartered, Animoca, and HKT Join Forces for HK Dollar Stablecoin appeared first on TheCoinrise.com .

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