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<p>The post <a href="https://coinpedia.org/news/hong-kong-to-welcome-its-first-ever-dollar-backed-stablecoin-axhkd/" rel="noopener noreferrer nofollow">Hong Kong To Welcome Its First Ever Dollar-Backed Stablecoin (AxHKD)</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>As the hype of the crypto market is buzzing with the news of Bitcoin hitting back its all-time high price after two straight years. Many nations are gearing up for the digital asset era.</p>
<p>In this wave, <a href="https://coinpedia.org/press-release/top-three-tokens-below-1-according-to-chatgpt/" rel="noopener noreferrer nofollow">Conflux Network</a>, China’s compliant, public, and permissionless blockchain, is teaming up with AnchorX and OKLink Trust to<a href="https://twitter.com/Conflux_Network/status/1766049986528022545" rel="noopener noreferrer nofollow"> introduce the first</a> Hong Kong dollar-backed stablecoin, AxHKD.</p>
<h2 class="wp-block-heading" id="h-collaboration-for-axhkd-stablecoin">Collaboration for AxHKD Stablecoin</h2>
<p>In a strategic collaboration, AnchorX, a fintech company based in Hong Kong, has partnered with Conflux Network for scalability and security, and OKLink Trust for custody services to launch AxHKD.&nbsp;</p>
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   <p lang="en" dir="ltr">AnchorX is pleased to announce the exploration of an HKD-backed stablecoin, AxHKD, marking our official launch.<br><br>In partnership with <a href="https://twitter.com/Conflux_Network?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Conflux_Network</a> for unmatched scalability and security, and <a href="https://twitter.com/OKLink?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@OKLink</a> Trust for custody services, we're advancing the stablecoin sector.<br><br>Our goal… <a href="https://t.co/DlQFjFBa9q" rel="noopener noreferrer nofollow">pic.twitter.com/DlQFjFBa9q</a></p>— AnchorX (@AnchorX_Ltd) <a href="https://twitter.com/AnchorX_Ltd/status/1766012181588660699?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 8, 2024</a>
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<p>This stablecoin will be initially launched on Conflux Network, followed by the Ethereum blockchain.</p>
<p>However, AxHKD is designed to maintain a stable 1:1 peg to the Hong Kong dollar. The stability is reinforced by high-quality liquid assets, secured through a separate trust arrangement held by regulated financial institutions, including the reputable private equity firm Hony Capital with 13 billion AUM.</p>
<h3 class="wp-block-heading" id="h-anchorx-s-vision-for-axhkd-nbsp">AnchorX’s Vision for axHKD&nbsp;</h3>
<p><a href="https://twitter.com/AnchorX_Ltd/status/1766012181588660699" rel="noopener noreferrer nofollow">AnchorX proposes</a> two primary applications for axHKD. Firstly, it aims to facilitate smooth global cross-border transactions. Secondly, it plans to create a fiat-on-chain system for virtual asset trading.&nbsp;</p>
<p>This strategic move positions AxHKD as a bridge between traditional and digital assets in Hong Kong.</p>
<h2 class="wp-block-heading" id="h-regulatory-landscape-in-hong-kong">Regulatory Landscape in Hong Kong</h2>
<p>The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have demonstrated openness to regulate virtual assets. The authorities are also exploring a regulatory regime for stablecoin issuance, creating a favorable environment for innovative projects like AxHKD.</p>
<p>In the meantime, AnchorX, aligned with the regulatory dynamics, expresses its intent to participate in the forthcoming regulatory sandbox. This strategic move underscores the commitment to contributing to the development of a robust and sound stablecoin regulatory regime.</p>
<h3 class="wp-block-heading" id="h-conflux-cfx-price-movement">Conflux (CFX) Price Movement</h3>
<p>Amid these groundbreaking announcements, <a href="https://coinpedia.org/press-release/filecoin-price-prediction-2023-conflux-and-collateral-network-are-leading-altcoins/" rel="noopener noreferrer nofollow">Conflux (CFX) has experienced</a> a notable surge of 5% in the last 24 hours and an impressive 25% increase over the week.&nbsp;</p>
<p>The trading volume has also witnessed a substantial rise, surging by over 60% in the last 24 hours, underscores the growing market activity and heightened interest in Conflux Network’s innovative initiatives.</p>

Hong Kong To Welcome Its First Ever Dollar-Backed Stablecoin (AxHKD)

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