Standard Chartered teams up with Animoca Brands to issue Hong Kong dollar-backed stablecoin

Standard Chartered, Animoca Brands and HKT have formed a joint venture to request a Stablecoin license supported in Hong Kong dollars.

Standard charteredHong Kong branch, cryptographic corporate firm Animoca brandsAnd HKT joined forces to launch a joint venture focused on the publication of a Hong Kong Supported by a dollar stable As the region signals its desire to strengthen its position on the digital asset market.

In a February 17 blog adAnimoca said that the new joint venture entity will apply to a license within the framework of the updated regulatory framework of the Hong Kong Monetary Authority, but has not developed the deadline.

Animoca will help the company to support cryptocurrency opportunities and to “explore innovative use cases on the web3”, while HKT will bring its expertise as a mobile portfolio to “allow the JV to develop cases of Innovative use of Stablecoin, ”according to the ad.

Bill Winters, Managing Director of the Group, Standard Charterd, says that the development of different forms of tokenized money is “an integral part of the progress of this industry”.

“This is why we are actively involved in various digital currencies of the central bank, tokenized deposits and, of course, Stablecoins projects. We introduce solutions and instruments that maintain this market and respond to the growing demand for customers. »»

Bill Winters

Although Winters did not mention the HKD stablecoin network, he noted that stablecoins play an essential role such as “public chain instruments with proven use cases”. Mary Huen, CEO of Standard Chartered’s Hong Kong and Greater China & North Asia, said that the objective was to launch a stablecoin “which can be used safely by institutions and individuals in a large number of use cases ».