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Standard Chartered plans HK’s first licensed stablecoin
Standard Chartered announced its intention to apply for a license to issue a Hong Kong dollar-backed stablecoin on Feb. 17.
The bank is partnering with Animoca Brands and HKT to enhance payment capabilities in both domestic and cross-border transactions.
The licensing application will be submitted to the Hong Kong Monetary Authority.
Mary Huen, CEO of Standard Chartered’s Hong Kong and Greater China & North Asia division, expressed the bank’s enthusiasm about potentially becoming one of the first issuers of an HKD-backed stablecoin.
Animoca Brands focuses on leveraging Web3 technology, while HKT is a major telecommunications provider in the region.
Recent Standard Chartered developments
| Timeline |
|---|
02-May-2023 💰 Standard Chartered’s crypto safeguard service bags $36m
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23-Aug-2022 💼 Standard Chartered backs Hong Kong eKYC firm’s multimillion-dollar round
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27-Jun-2022 🚀 Standard Chartered VC arm backs Indian MSME marketplace’s $40m series A
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11-Feb-2020 💰 Standard Chartered, Australia’s Assembly form payments joint venture in Singapore
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| 28-Jan-2020 🌐 Standard Chartered invests in Singapore-based blockchain network Contour |
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