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Is the spring of leeks coming?

The Hong Kong government has made a big move: stablecoins must be reserved at a 1:1 ratio! But experts remind: Don’t be too happy too early, these traps may make you lose all your money... Forward to remind friends who trade in cryptocurrencies!

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🏦Standard Chartered Bank Partners with Animoca Brands and HKT to Create HKD Stablecoin

Standard Chartered Bank Hong Kong Branch (SCBHK), Animoca Brands, and telecommunications company HKT have joined forces to establish a joint venture aimed at launching a stablecoin backed by the Hong Kong dollar.

Currently, the project is awaiting approval from the Hong Kong Monetary Authority, and as early as July last year, they entered a regulatory sandbox to carry out relevant practices, which is indeed exciting!

Various signs indicate that this collaboration among the three parties is not a spur-of-the-moment decision, but rather a determined effort!

If all goes well, their joint venture could become one of the first companies in Hong Kong to launch a compliant stablecoin supported by fiat currency.

SCBHK and Greater China CEO Judy Huen expressed full confidence in this collaboration, stating that Standard Chartered Bank plans to launch a HKD stablecoin aimed at providing both institutional and individual clients with a secure and convenient digital currency service.

It is reported that SCBHK is leveraging its experience in cooperation with global stablecoin issuers to lay the foundation for the HKD stablecoin project; Animoca Brands is utilizing industry connections to help the stablecoin find applications in the crypto-native market; HKT is focused on developing payment applications to enhance the ease of everyday use of the stablecoin. The collaboration among these three is like adding wings to a tiger!

Animoca Brands Group President Evan Auyang stated that stablecoins are mature and highly promising applications in Web3 technology. This tripartite collaboration once again proves Hong Kong's potential to lead the digital asset industry in a safe and regulated environment.

According to a recent report by Chainalysis, the cryptocurrency adoption rate in Hong Kong has increased by 85.6% year-on-year, the highest growth rate in East Asia. The report further states that the main driver of this growth is Hong Kong's supportive regulatory framework, particularly in terms of institutional adoption.

In summary, the collaboration between Standard Chartered Bank Hong Kong Branch, Animoca Brands, and HKT undoubtedly injects a strong dose of confidence into Hong Kong's digital asset sector. In the future, whether this HKD stablecoin project can be successfully implemented and how it will reshape the digital finance landscape in Hong Kong and globally is truly worth watching.

💬What are your thoughts on the HKD stablecoin being launched by Standard Chartered Bank and the other two institutions? How will it affect the lives of Hong Kong citizens, business operations, and international financial exchanges? Leave your comments in the discussion section!