Conflux Announces First Hong Kong Dollar-Backed Stablecoin
Conflux Network, the only regulatory-compliant, public, and permissionless Layer-1 blockchain in China, has partnered with Hong Kong-based fintech company AnchorX to launch Hong Kong’s first Hong Kong dollar-backed stablecoin, axHKD.
AnchorX will launch the stablecoin on Conflux Network for scalability and security, and OKLink Trust for custody services.
The axHKD stablecoin will ensure a 1:1 peg to the Hong Kong dollar, supported by high-quality liquid asset reserves protected by a segregated trust arrangement.
AnchorX plans to use AxHKD for global cross-border transactions and a fiat-on-chain system for virtual asset trading.
The collaboration aims to bridge the gap between traditional and digital assets in Hong Kong and uplift innovation in Real-World Assets.
(With inputs from Shikha Singh)
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