Hong Kong’s First Stablecoin HKDAP Completes Initial Transaction on Ethereum Mainnet
Summary
- Hong Kong’s first stablecoin, HKDAP, has completed its first financial transaction on the Ethereum mainnet.
- Participating institutions converted Hong Kong dollars into reserve assets, issued an on-chain stablecoin, and executed the transaction.
- After the transaction was completed, the tokens were converted back into fiat deposits through a redemption process, while Standard Chartered handled the reserve-asset custody structure and trust services.
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Hong Kong’s first stablecoin, HKDAP, has completed its first financial transaction on the Ethereum mainnet.
Odaily reported on May 22 that Anchorpoint Financial, OSL Group and PantherTrade successfully carried out the transaction using HKDAP. Anchorpoint Financial is a fintech company established by Standard Chartered Hong Kong.
In the test, participating institutions converted Hong Kong dollars into reserve assets and issued an on-chain stablecoin to execute the transaction. After the transaction was completed, the tokens were redeemed back into fiat deposits.
The technical implementation was jointly carried out by Anchorpoint Financial, digital-asset broker OSL Group and PantherTrade. Standard Chartered was responsible for the reserve-asset custody structure and trust services.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
