Chartered standard, Animoca and HKT to develop HKD stablcoin.

The Standonal Bank Chartered Hong Kong (SCBHK), the animos brands and the telecommunications of Hong Kong (HKT) have been associated to establish a joint business (JV) focused on issuing a stable backed by Hong Kong dollar.

The JV intends to request a license under the new regulatory framework of the Monetary Authority of Hong Kong (HKMA).

Stablecoin backed by HKD

According to the official Press releaseSCBHK, the Animoca and HKT brands have been involved in the HKMA Stablecoin Issuer Sandbox since July 2024. The trio has been evaluating how Stablecoins can facilitate the development and payments of the financial market connecting web3 and traditional finances.

The association is in line with Hong Kong’s ambition to strengthen its role as a global digital asset center. By taking advantage of the experience in banking, telecommunications and block chain, the JV aims to create a safe and regulatory framecoin frame.

The initiative is aligned with the broader strategy of the city-state to promote the adoption of digital finance while guaranteeing compliance with evolving regulatory requirements. In an official statement, Bill Winters, executive director of the Standard Chartered group, said,

“Digital assets are here to stay and the development of different forms of tokenized money is essential for the progress of this industry. That is why we are actively involved in several digital currencies of the Central Bank, tokenized deposits and, of course, Stablecoins projects. We are presenting solutions and instruments that meet this market and meet the growing demand of customers. As public chain instruments with proven use cases, established play a fundamental role in the general digital asset ecosystem. “

Hong Kong Eyes Bitcoin as a strategic asset

In addition to the ambitious Stablecoin initiative, Hong Kong is also considering add Bitcoin (BTC) to its tax reserves such as inflation coverage and a value reserve.

Wu Jiexhuang, a member of the Hong Kong Legislative Council, recently proposed to use foreign currency funds to acquire Bitcoin, citing potential benefits such as attracting talent, boosting the local cryptographic industry and increasing tax revenues.

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