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Hashkey Group to Issue Stablecoin In Partnership With Yuanbi Technology and Zhongan Bank

Jai Pratap
Last updated: | 1 min read
hashkey stablecoin hong kong
Source: Pexels

At the KUN & Hashkey Exchange strategic cooperation signing ceremony held earlier today, Dr. Xiao Feng, the founder of Hashkey Group, announced plans to issue a stablecoin backed by the Hong Kong dollar.

Hashkey Group will partner up with Yuanbi Technology and Zhongan Bank to issue the stablecoin in Hong Kong.

Yuanbi Technology, spearheaded by Chen Delin, the former president of the Hong Kong Monetary Authority, has already obtained a stored value facility (SVF) license from the Hong Kong Monetary Authority.

The company, which counts ZhongAn Digital Asset Group, a subsidiary of ZhongAn Online, HashKey Holdings Limited, and other prominent members among its five major shareholders, is strategically oriented towards the B2B market.

Its primary goal is to provide solutions for trading companies, addressing cross-border payment challenges, and assisting businesses in managing foreign exchange risks effectively.

Hashkey Expands to Retail Users with New App

HashKey exchange is one of the two virtual asset exchanges approved to serve retail investors in Hong Kong.

As reported earlier, the group is also introducing the HashKey Exchange app. This application, which recently received the approval of the Securities and Futures Commission (SFC), is designed to offer comprehensive mobile trading capabilities.

Through the app, Hongkongers can purchase bitcoin and ether using either Hong Kong dollars or US dollars, directly deposited from local bank accounts.

The launch of the HashKey Exchange app aligns with the Hong Kong government’s efforts to invigorate the virtual asset sector.

These endeavors include the introduction of a new mandatory licensing scheme for cryptocurrency platforms, aimed at allowing them to sell tokens with substantial market capitalization to retail traders.

Earlier today, Hong Kong’s treasury secretary said during the fintech week that the JPEX scandal won’t deter them from continuing to develop the web3 market in the city.