Hong Kong's First Dollar-Backed Stablecoin Launches Soon! 🚀😎

Introducing AxHKD: Hong Kong’s First Stablecoin

As the crypto market excitement grows, with Bitcoin achieving its all-time high after two years, nations are preparing for the digital asset era. In this wave, Conflux Network, China’s compliant, public, and permissionless blockchain, joins hands with AnchorX and OKLink Trust to introduce AxHKD, the first Hong Kong dollar-backed stablecoin.

Collaboration for AxHKD Stablecoin

AnchorX, a Hong Kong-based fintech company, partners with Conflux Network for scalability and security, and OKLink Trust for custody services to launch AxHKD.
AxHKD will initially launch on Conflux Network and later on the Ethereum blockchain, maintaining a stable 1:1 peg to the Hong Kong dollar.
Stability is ensured through high-quality liquid assets secured by a trust arrangement held by reputable financial institutions.

AnchorX’s Vision for AxHKD

AnchorX envisions axHKD facilitating global cross-border transactions and creating a fiat-on-chain system for virtual asset trading, bridging traditional and digital assets in Hong Kong.

Regulatory Landscape in Hong Kong

The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) are open to regulating virtual assets and exploring a regulatory regime for stablecoin issuance, setting a favorable environment for innovative projects like AxHKD.

Aligned with regulatory dynamics, AnchorX intends to participate in the forthcoming regulatory sandbox, highlighting its commitment to developing a robust stablecoin regulatory regime.

Conflux (CFX) Price Movement

Conflux (CFX) has seen a 5% surge in the last 24 hours and a remarkable 25% increase over the week.
Trading volume has risen by over 60% in the last 24 hours, reflecting growing market activity and interest in Conflux Network’s initiatives.

Hot Take: Embracing Innovation in the Hong Kong Stablecoin Space

With the launch of AxHKD, Hong Kong steps into the stablecoin arena, bridging the gap between traditional finance and digital assets. This strategic collaboration between AnchorX, Conflux Network, and OKLink Trust sets a new standard for stablecoin innovation, underlining the region’s commitment to regulatory compliance and financial advancement.