Standard Chartered, Animoca Brands and HKT team up to build Hong Kong stablecoin sandbox

Standard Chartered Bank (Hong Kong) Limited (SCBHK), Animoca Brands, and Hong Kong Telecommunications (HKT) have jointly participated in the sandbox for stablecoin issuers announced by the Hong Kong Monetary Authority (HKMA) in March. This collaboration utilizes Zodia Custody's digital asset capabilities to promote sustainable and transparent growth in the digital asset market. Zodia is Standard Chartered Bank's digital asset custodian provider. The program supports Hong Kong's transformation into a global digital asset center by exploring the role of stablecoins in the financial and payment markets. SCBHK aims to understand the opportunities and risks of the stablecoin market while supporting the digital asset ecosystem. Animoca Brands focuses on the adoption of large-scale digital assets and the application of Blockchain technology, while HKT explores stablecoin innovation for domestic and cross-border payments.