RD Innotech, a participant in the Hong Kong Monetary Authority’s Stablecoin Issuer Sandbox, is set to launch the Hong Kong Dollar stablecoin (HKDR) on the Ethereum blockchain. This initiative aims to enhance digital finance in Hong Kong by providing a stable digital currency pegged 1:1 to the Hong Kong dollar.
RD InnoTech, a member of the Hong Kong Monetary Authority (HKMA) Stablecoin Issuer Sandbox, plans to issue the first Hong Kong dollar stablecoin HKDR on Ethereum, and plans to officially list the stablecoin HKDR on HashKey Exchange, Hong Kong’s largest compliance exchange.…
— Wu Blockchain (@WuBlockchain) October 28, 2024
Listing on HashKey Exchange
The HDKR will be officially listed on HashKey Exchange, Hong Kong’s largest compliant trading platform. This partnership with HashKey and Allinpay International is expected to revoltutionize payment services, facilitating both online and offline transacrions using stablecoins.
Rita Liu, CEO if RD technologies, emphasized the collaboration’s potential to create innovative cross-border payment solution and contribute significantly to the Web 3.0 ecosystem. The backing reserves for HKDR will consist of high quality, liquid assets held in a segregated account with a licensed bank, ensuring transparency through regular third-party audits.
RD InnoTech is Enhancing Digital Finance
This move not only positions RD InnoTech at the forefront of digital currency innovation but also aligns with broader efforts to drive digital transformation within Hong Kong’s financial sector. The collaboration reflects a proactive approach to adopting stablecoins, promising enhanced transaction efficiency and reduced fees for users and merchants alike.
As the fintec landscape evolves, the introduction of HKDR marks a significant step towards integrating digital currencies into everyday financial transactions, fostering a more interconnected business environment in Hong Kong.
Also Read: Solana Outranks Ethereum: 75% of Successful Transaction Fees Driven by Peak U.S. Trading Hours
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