Hong Kong to Embrace Inaugural Dollar-Backed Stablecoin (AxHKD)

Hong Kong’s first dollar-backed stablecoin, AxHKD, has been launched through a collaboration between Conflux Network, AnchorX, and OKLink Trust. Backed by high-quality assets and regulated by esteemed institutions, AxHKD maintains a stable 1:1 peg to the Hong Kong dollar. Conflux Network, a compliant, public, and permissionless blockchain in China, has partnered with AnchorX for scalability and security, and OKLink Trust for custody services to introduce this stablecoin. Initially launched on Conflux Network, AxHKD will also be available on the Ethereum blockchain. AnchorX envisions axHKD facilitating smooth global cross-border transactions and creating a fiat-on-chain system for virtual asset trading, positioning it as a bridge between traditional and digital assets in Hong Kong. The regulatory landscape in Hong Kong, with the openness of the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority to regulate virtual assets, creates a favorable environment for stablecoin projects like AxHKD. AnchorX intends to participate in the forthcoming regulatory sandbox, emphasizing its commitment to contributing to the development of a robust and sound stablecoin regulatory regime. In response to these developments, Conflux (CFX) has seen a surge of 5% in the last 24 hours and a significant 25% increase over the week. The increased trading volume also indicates growing market activity and heightened interest in Conflux Network’s innovative initiatives.