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Animoca Brands is set to introduce a stablecoin linked to the Hong Kong dollar (HKD), which may serve as a pivotal instrument for digitizing Hong Kong’s economy and incorporating the onshore yuan (CNY) into the global financial framework.
Evan Auyang, President of Animoca Brands, informed National Business Daily that his firm, in collaboration with Standard Chartered and Hong Kong Telecom, is actively pursuing the establishment of a joint venture to launch a licensed HKD stablecoin.
In Hong Kong, the issuance of stablecoins is governed by a new regulation set to take effect on August 1, 2025, mandating the licensing of stablecoin issuers.
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Auyang highlighted that the introduction of the stablecoin is crucial for enhancing international trade and for advancing the virtual assets and decentralized finance sectors. This new asset could act as a conduit between the onshore (CNY) and offshore (RMB) yuan, easing mainland capital’s entry into global markets.
Hong Kong already stands as the foremost hub for international transactions in offshore yuan and a key market for yuan-denominated bonds and loans. This establishes favorable conditions for the development of the HKD stablecoin as a tool for cross-border liquidity.
Furthermore, the HKD stablecoin may evolve into a vital mechanism for converting fiat currencies into digital assets and vice versa, applicable within various Web3 ecosystems and international trade. The asset will also be incorporated into Animoca Brands’ own Web3 initiatives, including projects related to decentralized identifiers (DID) and education.
The initial announcement regarding the collaborative project by Standard Chartered, Animoca Brands, and Hong Kong Telecommunications was made in mid-February 2025. It has now been revealed that the stablecoin will first be issued within the regulatory sandbox of the Hong Kong Monetary Authority (HKMA).
Сообщение HKD Stablecoin for International Trade in Preparation появились сначала на CoinsPaid Media.
