Standard Charted, Animoca and HKT to develop HKD-PEGID Stablecoin

Standard Chartrad Hong Kong, Animoca, and Hong Kong Telecommunications (HKT) to create a joint venture (JV) focus on the dollar -backed Stablecooin version in Hong Kong.

JV plans to apply for a license under the new organizational framework of the Hong Kong (HKMA).

SKD supported Stablecooin

According to the official press releaseSCBHK, Animoca Brands and HKT have shared at Sandbox in HKMA Stablecoin since July 2024. The trio has evaluated how Stablecoins can facilitate the development of the financial market and payments by connecting WEB3 and traditional financing.

The partnership is in line with Hong Kong’s ambition to enhance its role as a global center for digital assets. By taking advantage of experiences through banks and communications, and Blockchain, JV aims to create a secure Stablecoin framework and is compatible with organizational.

The initiative is in line with the strategy of the broader state of the city to enhance the adoption of digital financing while ensuring compliance with advanced regulatory requirements. In an official statement, Bill Winters, CEO of the group at Standard Charterd, said,

“The digital assets are here to survive and develop different forms of distinctive funds. An integral is the progress of this industry. This is the reason that we actively participate in various digital currencies of the central bank, distinctive deposits, and of course Stablecoins projects. We provide solutions and tools that serve this market and meet The increasing customer request. Stablecoins is an important role in the ecosystems of comprehensive digital assets.

Hong Kong Bitcoin eyes as a strategic origin

Besides the ambitious Stablecoin initiative, Hong Kong also studies the addition of Bitcoin (BTC) to its financial reserves as a hedge against inflation and a valuable store.

Wu Jiexhuang, a member of the Hong Kong Legislative Council, recently suggested that foreign exchange boxes to acquire Bitcoin, indicating possible benefits such as attracting talents, promoting the local encryption industry, and increasing tax revenues.

He said that taking advantage of the “One Country, two systems” in China, adding Bitcoin to Hong Kong reserves could give the region an early advantage and help reduce economic instability from its broader dependence on traditional financial markets.