**Hong Kong Kicks Off Stablecoin Issuer Sandbox**

The Hong Kong Monetary Authority (HKMA) has launched its stablecoin issuer sandbox, welcoming its first participants. These include a company linked to Chinese e-commerce giant JD.com, local fintech RD InnoTech, and a coalition featuring Standard Chartered Bank, Animoca Brands, and Hong Kong Telecommunications.

Participants will undergo an evaluation process, testing their operational plans while engaging with regulators. They are barred from handling public funds during this phase. HKMA deputy CEO Darryl Chan emphasized the importance of proposing concrete use cases to enhance economic activities and create new opportunities.

Animoca Brands highlighted its collaboration with Standard Chartered and HK Telecom to advance Hong Kong’s digital asset ecosystem. The coalition will leverage Zodia Custody’s services for secure digital asset storage.

Jingdong Coinlink Technology, JD.com's blockchain arm, and RD InnoTech, aiming to test its Hong Kong Dollar stablecoin 'HKDR', are also part of the sandbox. The HKMA recently updated its proposed regulations for stablecoin issuers.