World-Renowned Bank and Altcoin Company Will Release a New Coin! - Coin Bulletin

The world-renowned bank Standard Chartered, Animoca Brands, and Hong Kong Telecommunications (HKT) teamed up to launch a stablecoin and combined their forces.

Standard Chartered's Hong Kong arm, the parent company behind The Sandbox (SAND) and Hong Kong Telecommunications, established a joint venture to issue a stablecoin pegged to the Hong Kong dollar.

This partnership, which aims to operate under the upcoming stablecoin regulations in Hong Kong, plans to obtain a (HKMA) license from the Hong Kong Monetary Authority. If regulatory approval is obtained, the joint venture will be one of the first regulated stablecoin issuers in Hong Kong.

The new stablecoin aims to bring together Standard Chartered's banking infrastructure, Animoca Brands' crypto expertise, and HKT's mobile wallet technology to be used in payments, finance, and cross-border transactions. The companies aim for the stablecoin to bridge Web3 with traditional finance and contribute to Hong Kong becoming a digital asset hub.

Standard Chartered Hong Kong CEO Mary Huen stated that the stablecoin will usher in a new era in Hong Kong's digital asset market, saying, 'We aim to create a stablecoin that corporate and individual users can safely use by combining the strengths of our bank and partners.'

The three companies involved in the partnership also played an active role in establishing the regulatory framework. In March 2024, the companies included in HKMA's stablecoin issuer test environment (sandbox), researched the integration of digital assets into the financial system.