Standard Chartered Files to Launch a Stablecoin Pegged to the Hong Kong Dollar

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Standard Chartered Bank Hong Kong, Animoca Brands, and Hong Kong Telecommunications (HKT) have announced plans to develop a stablecoin backed by the Hong Kong dollar.

The companies will form a joint venture to create and launch this digital currency, set to become one of Hong Kong’s first regulated stablecoins.

This collaboration combines three distinct areas of expertise: Standard Chartered contributes its banking expertise and status as one of Hong Kong’s note-issuing banks, Animoca Brands brings its blockchain technology experience, and HKT adds its knowledge of mobile payment systems.

Hong Kong’s monetary system is unique, with the Hong Kong Monetary Authority (HKMA) not directly issuing currency. Instead, three banks—HSBC, Bank of China (Hong Kong), and Standard Chartered—issue Hong Kong dollars under HKMA supervision, making Standard Chartered’s participation in this stablecoin project particularly significant.