Animoca Brands has announced the establishment of a joint venture with Standard Chartered Bank and Hong Kong Telecom to apply for a stablecoin issuance license. This move is aimed at aligning with the new cryptocurrency legislation in Hong Kong.
Creation of Joint Venture
The new joint venture was formed with the purpose of applying for a stablecoin issuance license. Animoca Brands President Evan Auyang confirmed that this initiative is in response to the implementation of new legislation in the region.
Goals and Strategy for Stablecoin
The primary objective of the joint venture is to secure a stablecoin license that will be integrated into the Web3 ecosystem. According to Auyang, this will allow users to engage with Animoca’s own stablecoin. He stated that:
Ecosystem Expansion through Tokens
In addition to its stablecoin initiative, Animoca Brands is also enhancing its ecosystem through token distribution. Co-founder Yat Siu announced a new phase of the MOCA token airdrop, distributing 300,000 tokens to the Mocaverse community.
Since partnering with leading institutions, Animoca Brands is showcasing its commitment to integrating stablecoins into the Web3 domain and expanding its market presence, including active token distribution among its community.
