Animoca Brands partners with Standard Chartered and Hong Kong Telecom, expected to launch HKD stablecoin in HKMA sandbox from 1/8/2025.
Animoca Brands is developing a stablecoin pegged to the Hong Kong dollar (HKD), expected to become a strategic tool to promote the digitalization of Hong Kong's economy and connect the domestic renminbi (CNY) with the global financial system. This project is expected to open a new chapter in the integration of digital assets into international trade.
Mr. Evan Auyang, Chairman of Animoca Brands, stated to the National Business Daily that the company is collaborating with Standard Chartered and Hong Kong Telecom to establish a joint venture issuing a licensed HKD stablecoin. In Hong Kong, stablecoin issuance will be officially regulated by a new law that will take effect from 1/8/2025, which requires all stablecoin-issuing organizations to obtain valid licenses.
This joint venture was first announced in mid-February 2025 and has now confirmed that the stablecoin will be initially issued within the testing framework of the Hong Kong Monetary Authority (HKMA). This indicates regulatory support for the initiative.
Strategy to Connect CNY and International Trade
Auyang emphasized that the launch of the HKD stablecoin is strategic, not only supporting the expansion of international trade but also contributing to the development of virtual assets and decentralized finance (DeFi) in the region. This stablecoin will serve as a bridge between the domestic renminbi (CNY) and offshore renminbi (RMB), helping capital from mainland China access the global financial market more easily.
Hong Kong is currently the world's largest international renminbi trading center and a key market for RMB financial products such as bonds and loans. This position creates an ideal condition for developing the HKD stablecoin as a cross-border liquidation tool.
In addition to its role in international trade, the HKD stablecoin will become an intermediary mechanism for converting between fiat and digital assets, serving both the Web3 environment and global economic activities. This digital currency will also be integrated into Animoca Brands' own Web3 project ecosystem, including initiatives for decentralized identity and digital education.
