Standard Chartered Bank (Hong Kong) Limited (“SCBHK”), Animoca Brands, and HKT have entered into agreements to establish a joint venture (JV) with the intention to apply for a license from the Hong Kong Monetary Authority (HKMA) in the new regulatory regime1 in order to issue a Hong Kong dollar-backed stablecoin.
Standard Chartered has a track record of working with stablecoin issuers globally, allowing the JV to fully utilise its bank-grade infrastructure and rigorous governance.
Animoca Brands, a global Web3 leader headquartered in Hong Kong, will leverage its industry expertise and extensive network in the Web3 space to enable the JV to tap into crypto-native opportunities, and will explore innovative use cases across the Web3 ecosystem conducive to the JV’s long-term growth.
HKT, a technology, media, and telecommunication pioneer, will leverage its mobile wallet expertise to enable the JV to develop innovative…
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