Standard Chartered, Animoca Brands and Hong Kong Telecommunications (HKT) have announced a partnership to launch a stablecoin backed by the Hong Kong dollar, aiming to strengthen the city’s position as a global hub for digital assets and promote its adoption in retail and institutional sectors.
The unprecedented collaboration announced on February 17 between these three key business and technology players seeks to leverage the individual strengths of each company with the goal of launching a new stablecoin backed by the Hong Kong dollar.
Standard Chartered will reportedly bring its world-class banking infrastructure and expertise in the traditional financial sector, while Animoca Brands, a global leader in Web3, will contribute its blockchain and cryptocurrency know-how. Meanwhile, HKT, with its expertise in mobile technology and digital wallets, will seek to facilitate the development of innovative use cases for the new stablecoin.
TRADE WITH STABLECOINSThis project not only seeks to strengthen Hong Kong’s position as an international digital asset hub, but also aims to accelerate the adoption of stablecoins in both the retail and institutional sectors.
With a dynamic economy and an increasingly favourable regulatory environment, Hong Kong is establishing itself as a key point in the transition towards a more digitalised and efficient financial system.
The strategic alliance between financial and technological giants
The collaboration between Standard Chartered, Animoca Brands and HKT is an example of how the coming together of different expertise can drive innovations in the digital asset space. Each company will bring key elements that together address the technical, regulatory and adoption challenges of launching a stablecoin backed by a fiat currency such as the Hong Kong dollar.
Standard Chartered, with its long history in the international banking sector, has been actively involved in stablecoin projects globally. Its banking infrastructure and governance and compliance capabilities provide a solid foundation to ensure the stability and security of the new digital currency. Furthermore, its experience in participating in HKMA tokenized monetization projects over the past few years positions the company as a key player in this space.
PREPARE YOUR WALLETOn the other hand, Animoca Brands, as a leader in Web3, brings its extensive network of partners and its knowledge of the native crypto ecosystem. The Hong Kong-based company has repeatedly demonstrated its ability to identify and develop innovative use cases in blockchain, which will allow exploring new opportunities in the digital market.
HKT, for its part, plays a crucial role in facilitating mobile payments and integrating the stablecoin into mainstream platforms. Its expertise in digital wallets and creating technological solutions for the retail and enterprise sectors will be key to ensuring that the new digital currency is accessible and functional for both individuals and institutions.
The combination of these elements not only reinforces the credibility of the project, but also ensures that the stablecoin is technically robust, ensures regulatory compliance, and is accessible to a wide range of users.
In this regard, Mary Huen, Executive Director of Standard Chartered for Hong Kong, China and North Asia, assured that the development and launch of this new stablecoin will bring an innovative means of value exchange to Hong Kong, charting a new chapter for the growth of the digital asset market in the city/region.
INVITE AND WINThe regulatory context and Hong Kong's positioning as a digital hub
In recent years, Hong Kong has taken decisive steps to become a leading hub for digital assets. The launch of a specific regulatory framework for stablecoins, along with the creation of a sandbox for stablecoin issuers, has sent a clear signal that the city is willing to embrace emerging technologies while maintaining high standards of oversight and security.
This project is therefore part of a larger effort to position itself as a global financial hub for digital assets. The Hong Kong dollar-backed stablecoin will not only benefit from the favourable regulatory environment, but will also be supported by renowned financial and technological institutions.
Furthermore, Hong Kong’s geographic location and status as an international financial centre make it a natural bridge between traditional and emerging markets. This stablecoin project could therefore set a precedent for other regions looking to adopt similar solutions, thereby consolidating the city as a benchmark in financial innovation.
Certificate
Stablecoin Course
Medium levelLearn the differences between the main stablecoins. Discover where they come from and the uses to which they are applied.
Stablecoins in the Hong Kong economy
The launch of a stablecoin backed by the Hong Kong dollar has the potential to transform the way transactions are made both within and outside the region. For the retail sector, this digital currency could facilitate faster and more secure payments, reducing the costs associated with traditional transfers. In addition, its integration with mobile wallets and e-commerce platforms could boost its mass adoption.
In the institutional field, stablecoins offer an efficient solution for Supply chain payment operations and cross-border transactionsThis not only improves operational efficiency, but also reduces the risks associated with currency fluctuations.
“Stablecoins are one of the best proven and most recognized use cases for Web3, and we are still in the early stages of mass adoption of stablecoins in retail, enterprises, and institutions.”, said Evan Auyang, president of Animoca Brands.
Furthermore, this stablecoin project could serve as a catalyst for the adoption of other blockchain-based solutions in Hong Kong. The city, which already has a strong base of technology and financial companies, could become a laboratory for experimenting with new forms of asset tokenization and innovations in the digital financial space.
TRADE WITH STABLECOINSIn short, the collaboration between Standard Chartered, Animoca Brands and HKT is not only a step towards the future of finance, but also a reflection of Hong Kong’s commitment to staying at the forefront of technological and financial innovation.
Investing in cryptoassets is not fully regulated, may not be suitable for retail investors due to high volatility and there is a risk of losing all invested amounts.
