Standard Chartered Bank Hong Kong (SCBHK), Animoca Brands, and Hong Kong Telecom Collaborate in the Hong Kong Monetary Authority (HKMA) Stablecoin Sandbox

Standard Chartered Bank Hong Kong (SCBHK), Animoca Brands, and Hong Kong Telecom are collaborating in the Hong Kong Monetary Authority (HKMA) stablecoin sandbox

Standard Chartered Bank Hong Kong (SCBHK), Animoca Brands, and Hong Kong Telecom have joined the Hong Kong Monetary Authority (HKMA) stablecoin sandbox to explore the issuance of stablecoins.

Zodia Custody, a Standard Chartered subsidiary, will support the initiative.

“Standard Chartered is committed to staying at the forefront of the growing digital asset market and driving fintech innovation in Hong Kong,” said Dominic Maffei, Head of Digital Assets & Fintech, Hong Kong, Standard Chartered. “We believe that regulated financial institutions have a key role to play in the development of these markets.”

Hong Kong Telecom will investigate how stablecoins can facilitate domestic and cross-border payments through its consumer and merchant payment solutions.

Animoca Brands is actively involved in multiple web3 initiatives, including The Sandbox metaverse. Notably, Standard Chartered already owns virtual land in The Sandbox.

The stablecoin sandbox enables firms to test their operational plans, but they are not permitted to handle consumer funds in the initial stages. The HKMA will announce when the testing scope is expanded to support limited retail payments.

Ecommerce giant JD.com subsidiary joins sandbox

Two additional stablecoin projects have also entered the sandbox: JINGDONG Coinlink Technology and RD InnoTech (HKDR). Notably, JINGDONG is the same as JD.com, China’s equivalent of Amazon.com. JD has a market capitalization of more than $43 billion on the Nasdaq, so technically this is bigger news than Standard Chartered which is valued at less than half that amount.

Meanwhile, yesterday the HKMA published the results of its stablecoin consultation and its legislative proposals.

Ledger Insights will soon publish a report on bank-issued stablecoins and tokenized deposits. Sign up for notification of its release.

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