Standard Chartered Bank (Hong Kong) Limited (SCBHK), Animoca Brands and HKT have unveiled an innovative collaboration to launch a stablecoin backed by the Hong Kong dollar.
The three companies plan to apply for a stablecoin issuance license under the Hong Kong Monetary Authority's (HKMA) new regulatory framework.
SCBHK will bring its banking expertise and strong financial infrastructure. Animoca Brands will use its extensive industry network to explore innovative applications within the crypto landscape, while HKT will leverage its significant presence in telecommunications and mobile payments to drive adoption through its mobile wallet technology.
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Together, these companies aim to create a stablecoin that will improve payment efficiency and expand the reach of digital transactions both locally and globally.