Standard Chartered, Animoca Brands, and HKT Partner To Launch Hong Kong Dollar-Backed Stablecoin as Regulatory Framework Advances

The Partnership

The three companies, Standard Chartered, Animoca Brands, and HKT, have joined forces to launch a Hong Kong dollar-backed stablecoin. This partnership aims to provide a secure and efficient way for users to transact in Hong Kong dollars on the blockchain. The stablecoin, named HKD Coin, will be backed 1:1 by Hong Kong dollars held in a segregated account by Standard Chartered.

What is a Stablecoin?

A stablecoin is a type of cryptocurrency that is pegged to a stable asset, such as a fiat currency. This means that the value of the stablecoin will not fluctuate as much as other cryptocurrencies, making it a more reliable and less volatile option for transactions.

The Benefits of HKD Coin

By launching the HKD Coin, the partnership aims to provide a more efficient and cost-effective way for users to transact in Hong Kong dollars. The stablecoin will also offer greater security and transparency compared to traditional methods of currency exchange.

How it Works

The HKD Coin will be issued and managed by Standard Chartered, while Animoca Brands will provide the necessary blockchain technology. HKT, on the other hand, will serve as the marketing and distribution partner for the stablecoin. Users will be able to purchase HKD Coin with Hong Kong dollars and use it for transactions on participating platforms.

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