Standard Chartered, Animoca Brands, HKT Form Joint Venture for HKD Stablecoin
Standard Chartered Bank Hong Kong (SCBHK), Animoca Brands, and HKT are collaborating to launch a new Hong Kong dollar-backed stablecoin. They plan to apply for a license under the Hong Kong Monetary Authority's regulatory framework.
Key Contributions of Major Players
- SCBHK will leverage its stablecoin expertise and infrastructure to ensure security and governance.
- Animoca Brands aims to integrate the stablecoin into Web3 applications, aligning with digital finance goals.
- HKT will utilize mobile wallet technology to enhance cross-border transactions and payment efficiency.
Bill Winters from SCBHK emphasized the importance of digital assets in the financial sector's evolution.
Increased Competition in the Stablecoin Market
- Ripple launched its RLUSD stablecoin on December 17, expanding the competitive landscape.
- A consortium including Robinhood, Kraken, and Galaxy Digital introduced a USD-pegged stablecoin in November 2024.
- The stablecoin market capitalization reached $225 billion, increasing by $37 billion since November 5, 2024, primarily due to Tether's USDT growth.
- SCBHK, Animoca Brands, and HKT have been testing their stablecoin in HKMA’s sandbox since July 2024.
This joint effort reinforces Hong Kong's ambition to integrate traditional finance with Web3, enhancing its position in the digital asset sector.