ChainCatcher news, digital asset custody and wallet technology provider Cobo announced a strategic partnership with RD Technologies, making Cobo the preferred wallet partner for the Hong Kong dollar stablecoin HKDR. Together with RD Technologies, Cobo will explore and promote the widespread application of HKDR, injecting new vitality into Hong Kong's digital finance sector.On July 18, RD Technologies announced that its subsidiary RD InnoTech Limited has been included in the Hong Kong Monetary Authority (HKMA) stablecoin issuer sandbox program. As one of the first entities to join the sandbox, RD Technologies will conduct various use case tests for its proprietary Hong Kong dollar stablecoin HKDR, such as digital asset trading and cross-border trade payments.

ChainCatcher news, local fintech company AnchorX has officially announced its establishment and will explore the Hong Kong dollar stablecoin AxHKD. AnchorX aims to become the most trusted digital currency issuer in Asia, empowering global transactions and communications reliably and efficiently.The establishment of AnchorX has received strategic support from top enterprises in traditional finance and blockchain technology. China's leading investment management group Hony Capital manages over $16 billion in assets, providing resource support and business synergy for AnchorX. Additionally, Conflux Network provides AnchorX with foundational technology that boasts exceptional scalability, security, high speed, and low cost.AxHKD will utilize globally leading distributed ledger technology, backed by robust cybersecurity support. AxHKD ensures a 1:1 peg to the Hong Kong dollar through high-quality, highly liquid asset reserves. These reserve assets are protected through a separate trust structure and held by financial institutions regulated in Hong Kong. AnchorX's strategic partner OKLink Trust will provide trust custody services.AnchorX plans to promote the application of AxHKD based on two main use cases. First, as a catalyst for global cross-border payments, facilitating cross-border business between Hong Kong and global markets, especially with "Belt and Road" partners where banking infrastructure is underdeveloped. Second, as a reliable on-chain fiat tool, applied in virtual asset trading while paving the way for innovations in Real World Assets in Hong Kong, bridging traditional financial assets and digital assets.

ChainCatcher news, Hong Kong Legislative Council member (Technology and Innovation Sector) Kenneth Lau held a press conference today (August 31) at the Legislative Council Complex and submitted the "Three Arrows and Three Circles" economic and technology development policy initiative. The initiative suggests accelerating the launch of retail-level digital Hong Kong dollars, introducing a "Hong Kong Dollar Stablecoin" sandbox, and providing policy incentives to encourage private institutions to issue compliant Hong Kong Dollar stablecoins, among other proposals. The aim is to leverage market forces to accelerate the recovery of Hong Kong's economy and create more new momentum for Hong Kong through the comprehensive advancement of the digital economy and Web3 development.Member Lau stated that regarding the "Three Arrows and Three Circles" policy initiative, the "Three Arrows" include establishing a mother fund to activate private capital investment in the technology and innovation industry, investing in and attracting potential growth-stage technology companies, improving the refinancing capabilities of small and medium-sized listed companies, setting up a secondary market matching fund, and reducing stamp duty; the "Three Circles" include issuing tokens to support the development of the New Territories Science and Technology City, expediting the launch of digital Hong Kong dollars with government disbursements as application pilots, and issuing Hong Kong Dollar stablecoins to promote the development of virtual assets in Hong Kong.

ChainCatcher news, Hong Kong Blockchain Association co-chairman Fang Hongjin expressed his views on the Hong Kong dollar stablecoin, disagreeing with the suggestion that the Hong Kong government issue the Hong Kong dollar stablecoin backed by foreign exchange reserves.Fang Hongjin stated that the Hong Kong government has already expressed its intention to issue a digital Hong Kong dollar, so using foreign exchange reserves to issue a Hong Kong dollar stablecoin is unnecessary. Furthermore, issuing a Hong Kong dollar stablecoin backed by foreign exchange reserves is unreasonable, as the Hong Kong dollar stablecoin should be pegged to the US dollar or a basket of hard currencies, rather than the Hong Kong dollar itself. Fang Hongjin also raised objections to the government's role in the issuance and regulation of stablecoins, arguing that the government should not play the role of issuer and regulator itself, but rather that private institutions should issue under government supervision. (Source link)

ChainCatcher news, Hong Kong Legislative Council member and co-founder of the startup accelerator G-Rocket, Wu Jiezhuang, led the establishment of the Hong Kong "Web3Hub" fund this week. He stated that he has suggested to the Hong Kong Monetary Authority to issue a digital Hong Kong dollar in the form of a "stablecoin," which will help promote future online cross-border transactions and reduce the risk of financial crises.Wu Jiezhuang continued to say that if the Hong Kong government can create another milestone by becoming the world's first official issuer of a stablecoin, backed by cash to enhance stability, it could avoid bankruptcy turmoil and also bring the Hong Kong dollar into the Web 3.0 market. (Source link）