AnchorX and Conflux Network will launch a Hong Kong dollar-linked stablecoin
The fintech company anchorX has entered into an agreement with the Conflux network to launch the axHKD stable coin, the first in the world pegged to the Hong Kong dollar as 1:1.
AnchorX management clarified: Conflux Network will deal with scalability issues, and the OKLink Trust service will provide custodial services. Initially, the axHKD stablecoin is planned to be launched on the Conflux network, and then on the Ethereum blockchain.
The developers promise that axHKD will be provided with reserves of highly liquid assets. For this purpose, trust agreements have been concluded with regulated financial institutions in Hong Kong, including the private investment company Hony Capital, which manages assets worth $13 billion.
AnchorX plans to use axHKD for international transactions and virtual asset trading, using blockchain and fiat currencies. The company hopes that the emergence of a stablecoin will reduce the gap between traditional and digital assets in the administrative region.
The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have expressed their willingness to regulate virtual assets due to the growing demand for cryptocurrencies. Hong Kong regulators have ordered all cryptocurrency exchanges and platforms to register for a license by the end of February. At the same time, local authorities announced plans to introduce a "regulatory sandbox" for stablecoin issuers.
