On February 17, according to FFNews, Standard Chartered (Hong Kong), Animoca Brands and HKT have reached an agreement to form a joint venture (JV) and plan to apply for a license from the HKMA (HKMA) to issue Hong Kong dollar-backed stablecoins. Standard Chartered has extensive experience in global stablecoin issuance and will provide the JV with bank-grade infrastructure and strict governance. Animoca Brands will leverage its expertise and network in the Web3 space to drive the project forward. HKT will leverage its mobile wallet expertise to drive innovative stablecoin applications and facilitate domestic and cross-border transfers.