PANews reported on February 17 that, according to FFNews, Standard Chartered Bank (Hong Kong), Animoca Brands and HKT have reached an agreement to establish a joint venture (JV) and plan to apply for a license from the Hong Kong Monetary Authority (HKMA) to issue stablecoins backed by Hong Kong dollars. Standard Chartered Bank has extensive experience in global stablecoin issuance and will provide the joint venture with banking-grade infrastructure and strict governance. Animoca Brands will use its expertise and network in the Web3 field to promote the development of the project. HKT will use its mobile wallet expertise to promote innovative stablecoin applications and facilitate domestic and cross-border payments.