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Stablecoin Revolution in Asia? Hong Kong's Dollar-Backed Stablecoin

Author

Austin Hodge
February 24, 2025 • Read Time: 10 minutes

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In an ambitious play to cement Hong Kong's position as a digital finance powerhouse, Standard Chartered Bank Hong Kong, Animoca Brands, and Hong Kong Telecommunications have teamed up to launch a Hong Kong dollar-backed stablecoin. This powerhouse trio is working under the new regulatory framework shaped by the Hong Kong Monetary Authority, aiming to blend the worlds of Web3 and traditional finance. Their move is about more than just currency—it's about redefining financial transactions in a digital age. And while they're at it, Hong Kong might just toss Bitcoin into its fiscal reserves, courtesy of a savvy legislative proposal, positioning it as a strategic asset against economic volatility. Let's dive in!

  • SCBHK, Animoca Brands, and HKT partner for a HKD-backed stablecoin under HKMA's framework. — Read More

  • Bybit introduces a bounty program, offering 10% to recover stolen $1.4B ETH from Lazarus group heist. — Read More

  • BRICS explores payment alternatives to bypass Western systems. — Read More

  • Kanye West, allegedly planning to launch 'Swasticoin' amid controversial crypto tweets, leaves fans skeptical. — Read More

  • Berachain surpasses Base with a $3.26 billion TVL in DeFi, fueled by key protocols and strategic investments. — Read More

  • Nansen report reveals $251M losses versus $180M gains in LIBRA token controversy. — Read More

  • Institutional investors trigger massive demand surge for gold, straining supply chains. — Read More

  • Ethena secures $100 million from Franklin Templeton, F-Prime, and Dragonfly Capital amidst digital asset security concerns. — Read More

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