Standard Chartered (HKG:2888) will team up with Animoca Brands and HKT (HKG:6823) to set up a joint venture to issue a stablecoin backed by the Hong Kong dollar, StanChart said Monday.
The JV intends to apply for a license with the Hong Kong Monetary Authority for the stablecoin.
StanChart will team up with Web3 company Animoca to allow the JV to "tap into crypto-native opportunities" and with telecommunications firm HKT to boost domestic and cross-border payments, according to the press release.
The bank looks to be among Hong Kong's first issuers of then HKD-backed stablecoin, according to Mary Huen, StanChart's CEO of the Hong Kong and Greater China & North Asia division.
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