CandleFocus Standard Chartered, Animoca, and HKT to Develop HKD-Pegged Stablecoin
2025-02-23
Author: Content Editor
Standard Chartered Bank Hong Kong (SCBHK), Animoca Brands, and Hong Kong Telecommunications (HKT) are partnering to create a joint venture focused on issuing a Hong Kong dollar-backed stablecoin. The partnership will apply for a license under the Hong Kong Monetary Authority's regulatory framework and aims to create a secure and compliant stablecoin framework by leveraging expertise in banking, telecommunications, and blockchain. This initiative aligns with Hong Kong's goal of becoming a global digital assets hub and its broader strategy to boost digital finance adoption while complying with evolving regulations. Additionally, a Hong Kong legislative council member has suggested adding Bitcoin to the region's fiscal reserves as a hedge against inflation and a store of value.
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