Standard Chartered prepares a stablecoin based on the Hong Kong dollar

The British Standard Chartered Bank has just signed a new tripartite partnership to launch a stablecoin based on the Hong Kong dollar. Its two partners are the Web3 giant Animoca Brands and HKT, a leading technological pioneer and telecom operator. This position represents a new stage in the involvement of historical private banks in the democratisation of stables.

FACTS

• Standard Chartered, Animoca Brands and HKT are now the players in the tokenization of the Hong Kong dollar. The three new partners have entered into agreements to establish their joint venture to apply for a licence from the Hong Kong Monetary Authority (HKMA).

• Their ultimate goal: to issue a stable corner backed by the Hong Kong dollar.

• This strategic decision comes after Standard Chartered, Animoca Brands and HKT jointly participated in the HKMA stablecoin transmitter sandbox launched in July 2024.

• However, the implementation of this project depends on the adoption of the draft law on stablecoins submitted under the new regulatory regime of the Hong Kong Monetary Authority.

ISSUES

• Take advantage of regulatory developments: L'Hong Kong Monetary Authority presented its draft law "Stablecoins BillLast December to oversee the issuance of cash-backed stables, including the Hong Kong dollar (HKD).

• Clarifying ambitions : The British bank took advantage of the announcement of this new partnership to clarify its ambitions in the digital currency market. Underlining the growing adoption of this type of means of payment around the world (including in Brazil, Turkey, Nigeria, India, Indonesia for example), Standard Chartered assumes that it wants to be among the actors involved in this deployment, which is presented as a factor of global financial inclusion. She published A White Paper on this subject very recently.

• An alliance of expertise This tripartite partnership represents an alliance of knowledge of experiences for partners. Standard Chartered must therefore bring its banking expertise to the service of the deployment of this future stablecoin, when Animoca Brands highlights its knowledge of the Web3 to justify its presence in this joint venture and HKT poses as an expert in digital wallets.

PERSPECTIVE

• While the ECB submitted These advances on the digital euro at the end of 2024, many players are now positioning themselves as engines for the deployment of stables around the world. The democratisation of this market is far from being carried only by regulatory or state actors.

• More than central banks are also private actors and historical banks that are now involved in the deployment of stables. Latest examples with the American payment specialist Stripe, which most recently confirmed implementation of its latest large-scale strategic operation, taking the form of the acquisition of Bridge, an American company specializing in stablecoins payments. In France, in September 2024, it is the subsidiary dedicated to cryptoactives of the French bank Société Générale, Forge,which announced its rapprochement with the specialized crypto trading platform Bitpanda to ensure the distribution of the first CoinVertible, a euro-backed stablecoin launched by SG Forge in April 2023.

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