HashKey Group has joined forces in a strategic alliance with Yuanbi Technology and Zhongan Bank to launch a stablecoin in Hong Kong. The partnership was recently announced at a strategic cooperation signing ceremony with KUN & Hashkey Exchange, as reported by a local newspaper.
According to the publication, Xiao Feng, who is the founder of Hashkey Group, revealed his plans for the launch of the stable currency pegged to the Hong Kong dollar.
Yuanbi Technology, which was founded by Chen Delin, former chairman of the Hong Kong Monetary Authority, has managed to obtain a stored value facility (SVF) license.
It is worth remembering that information in July highlighted that the Hong Kong government was encouraged to issue its own stablecoin, HKDG, in a new policy proposal. The new stablecoin would compete with USDT and USDC.
Issuing a stablecoin pegged to the local dollar could help solidify Hong Kong’s leadership in the blockchain sector, and could also help drive the progress of the digital Hong Kong dollar.
On this last point, with this boost, Hong Kong could experience an increase in transaction efficiency, a reduction in transaction costs, as well as an improvement in the payment systems currently used.
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