Standard Chartered Bank (Hong Kong), Animoca Brands, and HKT recently agreed to form a joint venture to pursue a stablecoin issuing license from the Hong Kong Monetary Authority (HKMA). The joint venture will leverage Standard Chartered’s “bank-grade” infrastructure and governance with Animoca Brands’ “extensive” Web3 network.

HKT, a Hong Kong-based tech and telecoms company, is expected to leverage “its mobile wallet expertise to enable the joint venture to develop innovative stablecoin use cases. According to a recent statement, the three companies’ goal is to enhance domestic and cross-border payments and provide other benefits to users.

Standard Chartered CEO Bill Winters said: “Digital assets are here to stay, and the development of different forms of tokenized money is integral to the advancement of this industry. That is why we are actively involved in various Central Bank Digital Currencies, tokenized deposits, and, of course, stablecoin 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.”

Mary Huen, the bank’s CEO for Hong Kong, Greater China, and North Asia, said the three partners aim to create a secure and versatile stablecoin for institutional and individual use. They also hope to promote fintech innovation and reinforce Hong Kong’s position as a global financial hub.

Animoca Brands Group President Evan Auyang said his company’s collaboration with Standard Chartered and HKT will likely enhance the special administrative region’s appeal as a Web3 hub. He explained:

“Stablecoins are one of the best proven and most widely recognized use cases for Web3, and we are still in the early stages for mass adoption of stablecoins across retail, enterprises, and institutions. This opportunity to become one of the first to issue a fiat-backed stablecoin under the HKMA’s licensing regime reinforces our conviction that Hong Kong has a bright future as a global Web3 hub, leading the charge to grow the industry in a safe and compliant manner.”

HKT Group Managing Director Susanna Hui touted the HKD-linked stablecoin as an innovation that will enhance payment efficiency, streamline transactions, and provide greater security.

The three entities have collaborated in the HKMA’s stablecoin issuer sandbox to explore stablecoin applications in financial markets and payments, according to the statement. It adds that the joint venture is “strategically positioned” to be among the first issuers of such a stablecoin in the region.

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