Standard Chartered Bank Hong Kong, Animoca Brands and HKT will establish a joint venture JV to issue a Hong Kong dollar-backed stablecoin, according to a media release.
This is the latest development under a sandbox programme led by the Hong Kong Monetary Authority HKMA to explore HKD-backed stablecoin issuance in the city. Meanwhile, a licensing scheme for stablecoin issuers in Hong Kong is expected to be introduced later this year.
Standard Chartered, together with Hong Kong-based crypto-native player Animoca Brands, and HKT, a local technology, media and telecommunications provider, participated in the HKMA sandbox announced in July 2024.
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