Standard Chartered’s Hong Kong branch, crypto investment firm Animoca Brands, and telecommunications giant HKT have formed a joint venture to issue a stablecoin tied to the Hong Kong dollar.
Announced on February 17, the collaboration aims to apply for a license under the Hong Kong Monetary Authority’s (HKMA) updated regulatory framework. While the timeline for the application remains undisclosed, the partners outlined their respective roles in shaping the stablecoin initiative.
Animoca Brands will leverage its expertise in the crypto and Web3 space to explore innovative use cases. At the same time, HKT will contribute its mobile wallet capabilities to develop practical applications for the stablecoin.
Bill Winters, Group Chief Executive of Standard Chartered, emphasized the significance of tokenized money in the broader evolution of financial services. “The development of different forms of tokenized money is integral to the advancement of this industry,” he stated. “We are actively involved in various central bank digital currencies, tokenized deposits, and stablecoin projects to meet growing client demand.”
Though Winters did not specify the blockchain network the stablecoin would utilize, he highlighted the importance of stablecoins as public chain instruments with established real-world use cases.
Mary Huen, CEO of Standard Chartered Hong Kong and Greater China & North Asia, underscored the venture’s goal of launching a secure and reliable stablecoin for widespread use across institutional and individual transactions.
Meanwhile, Hong Kong’s financial authorities also reinforced the city’s status as a cryptocurrency hub. The Securities and Futures Commission (SFC), in its 2025-2026 financial year budget plan, proposed an expansion of its workforce to bolster its oversight of the digital asset sector. The plan included the addition of 15 new positions, with eight specifically dedicated to virtual asset regulatory frameworks, market surveillance, and enforcement investigations. The SFC also highlighted that it had frozen its headcount in three financial years since 2020-21.
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