Hong Kong Introduces First Regulated Stablecoin with Standard Chartered, Animoca Brands, and HKT

By 24matins.uk, published 21 February 2025 at 14h00, updated on 21 February 2025 at 14h00.

Tech

Three major players are collaborating to launch a stablecoin pegged to the Hong Kong dollar, strategically positioning Hong Kong as a leader in regulated digital assets in Asia.

In a groundbreaking move, three Hong Kong titans—Standard Chartered Bank Hong Kong, Animoca Brands, and HKT—have teamed up to launch the city’s first regulatory-compliant stablecoin pegged to the Hong Kong dollar.

## A Leap Forward for Hong Kong

This venture is a significant step for Hong Kong as it aims to transform into a major hub for cryptocurrency in Asia and a global leader in regulated crypto assets. The trio plans to secure a license under the Hong Kong Monetary Authority’s (HKMA) new regulatory framework for stablecoin issuers, with approval currently pending from the Legislative Council.

## A Strong Tripartite Synergy

The partnership combines key players from banking, decentralized finance (Web3), and telecommunications, each bringing their unique expertise to the table. Standard Chartered will contribute its global stablecoin project experience, offering top-tier banking infrastructure and strict governance standards for regulatory compliance. Animoca Brands, a global leader in the Web3 space, will leverage its expertise and extensive network to integrate the stablecoin into the broader digital economy. Meanwhile, HKT, a pioneer in technology, media, and telecommunications, will use its mobile wallet expertise to facilitate real-world payment adoption.

## An Inevitable Financial Evolution

“Digital assets are here to stay, and developing various forms of tokenized currency is essential to advance the sector,” stated Bill Winters, CEO of Standard Chartered Group. He added, “We are introducing solutions and instruments to serve this market and meet the growing client demand.”

As the licensing applications progress with the HKMA, this announcement underscores the institutional support backing Hong Kong’s aspirations to be a global leader in crypto assets.