- Animoca partners with SCB and HKT to issue a stablecoin backed by the Hong Kong dollar.
- The joint venture plans to apply for a license under Hong Kong’s Stablecoin Ordinance.
- Use cases include cross-border trade, gaming payments, and entry into global markets.
Animoca Brands, Standard Chartered Bank (Hong Kong), and HKT have formed a joint venture to issue Hong Kong’s first stablecoins pegged to the HKD. This move matches with Hong Kong’s latest Stablecoin Ordinance, which will take effect in August. The stablecoin aims to support regulated payments, Web3 applications, and global commerce. The initiative could mark a turning point for digital finance in Asia.
A New Regulatory Milestone in Digital Money
Hong Kong’s regulatory environment is changing as it prepares to implement the Stablecoin Ordinance in August. The joint venture will apply for a stablecoin license under the Hong Kong Monetary Authority. According to China Business Network, Animoca Group President Evan Auyang confirmed this step during an interview.
Animoca’s affiliate, Anni Group, leads Web3-native integration, targeting use cases in gaming, NFTs, and the Sandbox metaverse. Standard Chartered will provide banking infrastructure, secure custody, and compliance with financial regulations. Furthermore, HKT’s Tap & Go will handle mobile wallet distribution to retail users.
Strategic Roles and Global Outlook
Each partner has defined roles to support development and adoption. Animoca will lead Web3 application deployment and digital ecosystem growth.
Standard Chartered will contribute customer resources from its existing financial base. HKT will help reach mass users through telecom infrastructure. Auyang stated, “We currently have a joint venture company through which we intend to apply for a license to issue stablecoins.” He added that details of the issuance plan will be shared later.
Besides gaming, the HKD-pegged stablecoin will support cross-border payments and commerce settlements. Animoca also plans to promote the stablecoin globally. The three firms believe that a regulated stablecoin can serve multiple sectors—from payments to digital assets and beyond.
Related: Hong Kong’s First Tokenized Money Market ETFs Unveiled
Potential to Reshape Regional Finance
Hong Kong plays a unique role as the largest offshore RMB center. Its strategic location links China with the global economy. Auyang noted that the partnership aims to establish a Web3 ecosystem around the stablecoin. The goal is to ensure liquidity, ease of redemption, and strong reserves. This collaboration comes as companies like JD.com and Animoca prepare for stablecoin opportunities following the U.S. GENIUS Act.
The venture is expected to become a framework for other regulated stablecoin models across Asia and beyond. If successful, this initiative could reduce settlement friction and support innovation in trade and investment between Asia and global markets. It may also lead to a more active partnership with mainland Chinese institutions that are experimenting with blockchain development.
