Standard Chartered, HKT, Animoca to form JV for HK dollar-backed stablecoin (updated)

HKT Trust and HKT

17/02/2025 09:40

(Updates with further details from paragraph 2 onwards)
       Feb 17 (Reuters) - Standard Chartered Plc  STAN.L 
 2888.HK  said on Monday its Hong Kong banking division, Animoca
Brands and HKT  6823.HK  will establish a joint venture to apply
for a license from the Hong Kong Monetary Authority for issuance
of a Hong Kong dollar-backed stablecoin.
    Standard Chartered said it has entered agreements with
Animoca Brands, a company which specialises in Web3 for
leveraging blockchains, and HKT, a major telecommunications
service provider in Hong Kong, in order to "enable the JV to tap
into crypto-native opportunities" and "enhance both domestic and
cross-border payments", according to its statement.
    StanChart said it looks forward to becoming one of the first
issuers launching an HKD-backed stablecoin with its strategic
partners, according to Mary Huen, Chief Executive Officer of the
bank's Hong Kong and Greater China & North Asia division.

 (Reporting by Shivangi Lahiri in Bengaluru; Editing by Mrigank
Dhaniwala)
 ((Shivangi.Lahiri@thomsonreuters.com;))