Animoca Brands Collaborates to Develop Specific Stablecoin for Hong Kong
Strategic Partners Promoting Sustainable Cryptocurrency in Hong Kong
On June 20, sources from the National Business Magazine reported that Animoca Brands Limited has officially partnered with Standard Chartered Bank and Hong Kong Telecom to establish a joint venture developing a stablecoin pegged to the Hong Kong USD. This alliance aims to promote cryptocurrency applications in areas such as gaming, cross-border commerce, and financial payments.
Development Goals for Web3 Technology & Practical Applications
Collaboration between the three partners will leverage banking resources, telecommunications technology, and the scalability of the Web3 platform. Projects are designed to integrate stablecoin into digital applications, limit price volatility, and increase stability for users. This opens up golden opportunities for Hong Kong's DeFi market.
Legal Regulations & Implementation Timeline
The Hong Kong Special Administrative Region government plans to implement the "Stablecoin Law" starting from August 1, 2025. This regulation will create a clear legal framework to bring trust to the cryptocurrency community and investors. This promises to increase public-private cooperation in the stablecoin sector, guiding the digital financial market to develop in parallel with legal standards.
Application Potential & Development Trends
Building a stablecoin linked to the Hong Kong USD will open new opportunities in fintech. Gaming platforms and cross-border commercial organizations will leverage the advantages of stablecoin to optimize payments, reduce price volatility risks, and expand markets. This potential will also help develop the Web3 ecosystem, contributing to the enhancement of the DeFi institution.
