Animoca Brands will establish a joint venture with Hong Kong Telecom and Standard Chartered Bank to be prepared to introduce a Hong Kong dollar-pegged stablecoin. The stablecoin will support cross-border payments. It will also help promote stronger global financial governance.
Earlier, there was an announcement by the Hong Kong Special Administrative Region Government that the “Stablecoin Ordinance” would come into effect on August 1, 2025. This legal framework seeks to regulate stablecoin issuers and provide clear guidelines for the industry.
The Hong Kong Monetary Authority (HKMA) included Animoca Brands, Standard Chartered Bank, and Hong Kong Telecom in the first batch of stablecoin “sandbox” participants announced last July. The sandbox allows companies to test stablecoin projects in a controlled environment.
Animoca Brands, through its leadership in blockchain gaming and Web3 development, will create native Web3 app scenarios. Standard Chartered Bank will provide the necessary banking facilities. Hong Kong Telecom will serve retail customers through its e-payment platform.
Animoca Brands’ president, Ouyang Qijun, explained that Hong Kong is a key offshore center for the Chinese yuan (RMB) and international trade. The new Hong Kong dollar stablecoin can serve as a vital link in globalizing mainland Chinese asset transactions.
Stablecoin bridges traditional finance and Web3 technologies
One can also utilize it in blockchain games such as “The Sandbox,” where individuals are able to exchange fiat currency for stablecoins to purchase digital property in the form of NFTs.
Ouyang underscored that the stablecoin combines the best of traditional finance and native Web3 technologies. This fusion allows it to serve traditional financial needs like cross-border settlements while also supporting innovative blockchain products.
The collaboration anticipates the Digital asset license application soon, with plans to announce more detailed project information later. Although the stablecoin faces challenges such as educating the public and expanding its user base, Ouyang believes that legal compliance and regulatory cooperation will build trust.
Proactive regulation of coins puts Hong Kong at the center stage in creating a safe and neutral financial platform. Animoca Brands is equally eager to partner with mainland Chinese institutions to further blockchain penetration despite region-wide stringent cryptocurrency laws.
