Standard Chartered, Animoca Brands and HKT to form a joint venture.

Standard Chartered Bank, Animoca Brands, and HKT have entered into agreements to establish a joint venture with the intention to apply for a license from the Hong Kong Monetary Authority in the new regulatory regime in order to issue a Hong Kong dollar-backed stablecoin. Financial terms were not disclosed. “Digital assets are here to stay and the development of different forms of tokenised money is integral to the advancement of this industry. That is why we are actively involved in various Central Bank Digital Currencies, tokenised deposits and, of course, stablecoins projects. We are introducing solutions and instruments that service this market and meet the growing client demand. As public chain instruments with proven use cases, stablecoins play a critical role in the overall digital asset ecosystem," Bill Winters, Standard Chartered Group CEO.