Standard Chartered, Animoca, and HKT Launch HKD-Backed Stablecoin

The push to make Hong Kong a leading global Web3 hub is gaining momentum as Standard Chartered, Animoca Brands, and HKT announce a groundbreaking joint venture to launch a Hong Kong dollar-backed stablecoin. 

Developed under the Hong Kong Monetary Authority’s (HKMA) licensing regime, this initiative aims to transform cross-border and domestic payment systems while setting new compliance standards in the digital asset sector.

With each partner bringing unique expertise, Standard Chartered’s banking infrastructure, Animoca’s Web3 innovation, and HKT’s mobile wallet capabilities, the stablecoin project is poised to enhance payment efficiency, strengthen financial security, and support Hong Kong’s rapidly evolving fintech ecosystem.

Read Also: Stablecoin Settlement Volume Hits $1.5 Trillion in July 

Key Takeaways

• Standard Chartered, Animoca Brands, and HKT form a joint venture to issue an HKD-backed stablecoin under HKMA’s licensing framework.
• The project aims to streamline cross-border and domestic transactions while boosting payment efficiency.
• Hong Kong is cementing its status as a regulated Web3 hub through clear virtual asset legislation and licensing initiatives.
• The stablecoin leverages banking-grade governance, Web3 innovation, and mobile wallet integration.
• This initiative could set a benchmark for compliance-driven stablecoin adoption in Asia.

A Strategic Collaboration for the Future of Payments

The stablecoin will be fully backed by the Hong Kong dollar, ensuring price stability and enabling faster, cheaper, and more secure transactions. Standard Chartered will contribute its global reach and bank-grade governance, ensuring that the stablecoin adheres to the highest security and compliance standards. 

Animoca Brands will lead the exploration of crypto-native opportunities, bringing extensive experience in blockchain gaming, NFTs, and digital ecosystems. HKT will integrate its mobile wallet expertise to support everyday retail and cross-border payment use cases.

According to Bill Winters, CEO of Standard Chartered, stablecoins already process around US$425 billion monthly, reflecting a gap in traditional payment systems when it comes to speed and cost. He believes this venture is well-positioned to contribute significantly to the global digital asset ecosystem.

Hong Kong’s Growing Web3 Ambitions

Hong Kong has been actively working to position itself as a leading global cryptocurrency hub. In December 2024, the city proposed a stablecoin bill to regulate issuers, ensuring transparency and trust in the market. By mid-2025, the HKMA had approved three stablecoin issuers, including the Standard Chartered-led joint venture, to pilot the technology in various use cases.

Additionally, the Securities and Futures Commission (SFC) granted licenses to seven cryptocurrency exchanges, while the government considered tax incentives for investment gains from cryptocurrencies and alternative assets.

Evan Auyang, President of Animoca Brands, stated that becoming one of the first issuers under the HKMA’s licensing regime reinforces confidence in Hong Kong’s role as a safe and compliant Web3 hub.

Read Also: HKMA Stablecoin Rules: The Future of Digital Money

Potential Impact on Cross-Border Transactions

The HKD-backed stablecoin will target both retail and institutional users, enabling secure, instant payments for goods, services, and international transfers. HKT’s mobile wallet integration will make it easier for merchants and consumers to adopt the technology, while Animoca’s blockchain innovation could create new use cases in gaming, NFTs, and tokenized assets.

Beyond efficiency, the stablecoin aims to set a precedent for regulated, fiat-backed digital currencies in Asia, offering a blueprint for future collaborations between banks, fintech companies, and Web3 developers.

Susanna Hui, Group Managing Director of HKT, emphasized that the stablecoin will enhance security, transparency, and transaction speed for both domestic and cross-border payments, benefiting the wider retail sector.

Final Thoughts

The Standard Chartered, Animoca Brands, and HKT stablecoin initiative marks a pivotal step in bridging traditional finance and Web3 innovation in Asia. 

By combining bank-grade governance with cutting-edge blockchain solutions, the project has the potential to transform payment systems and strengthen Hong Kong’s role as a fintech leader. If successful, it could become a model for future stablecoin developments across the region.

Read Also: Stablecoin Strategies for USD1 Holders: Here is Your Guide

FAQs

What is the purpose of the HKD-backed stablecoin by Standard Chartered, Animoca, and HKT?

The stablecoin is designed to improve cross-border and domestic payment efficiency, reduce costs, and enhance security under Hong Kong’s regulated framework.

How is the stablecoin regulated?

It operates under the Hong Kong Monetary Authority’s licensing regime, ensuring compliance with strict financial and operational standards.

Who are the key partners in this stablecoin project?

The joint venture includes Standard Chartered, Animoca Brands, and HKT, each contributing expertise in banking, Web3 innovation, and mobile wallet technology.

When will the stablecoin launch?

The joint venture has applied for its HKMA license and will proceed with the launch upon regulatory approval, with pilot programs expected soon after.

Why is this stablecoin important for Hong Kong’s Web3 ambitions?

It aligns with Hong Kong’s strategy to become a global cryptocurrency hub by fostering regulated innovation and creating real-world use cases for digital assets.