Stablecoin

United

Million

USDC

Hong- Kong is one of Asia’s fastest-evolving regions for cryptocurrencies and related activities. The region is closely competing with the United Arab Emirates (UAE), which is also among the leading evolving crypto hubs globally.&nbsp;
As per a recent announcement, IDA, a Hong- Kong-based cryptocurrency firm, has completed its seed funding round of $6 Million. The funding round is solely raised to support the development of the launch of HKDA.&nbsp;&nbsp;
🌟 Big milestone to
In its seed funding round, major investors include Hack VC, Yolo Investment, Chorus One, and Raj Gokal, among several others.&nbsp;&nbsp;
According to additional information HKDA is yet to be launched stablecoin by IDA. It is the first fiat-backed stablecoin IDA to launch, although the date has yet to be disclosed.&nbsp;
Lawrence Chu, the cofounder and CEO of IDA, highlighted, “With the current total stablecoins market cap roughly $170 billion, we expect stablecoins to rise over $3 trillion in the next five years.”&nbsp;
Chu additionally notes, “This exponential growth will underscore the increasing significance of stablecoins in the broader digital currency landscapes.&nbsp; Thus, IDA’s mission is to facilitate more effective and efficient cross-border trades through the blockchain for everyone.”
IDA’s cofounder and CSO noted that following the successful funding round, “The first goal of IDA is to enable mass adoption and empower businesses to integrate seamlessly between Web2 and Web3.”
He added, “To achieve this, IDA has begun active engagements with the Hong Kong Monetary Authority (HKMA) and the Financial Services and the Treasury Bureau (FSTB), as well as domestic partners in the ecosystem, to issue regulated stablecoins in Hong Kong.”&nbsp; Stablecoin Market Overview&nbsp; 
Following the mainstream popularity of digital currency, stablecoin emerged as one of the strongest contenders in the market. Data from Forbes states that the entire stablecoin market capitalization was $171.0 billion till press time.&nbsp;
In terms of market capitalization, <a href="https://news.todayq.com/phishing-scams-drain-crypto-market-of-310m-in-august-2024/" target="_blank" rel="noopener noreferrer nofollow">Tether </a>(USDT) stands at the top with $118.04 Billion in the cap, followed by USDC (USDC) with $34.76 Billion. It is crucial to note that the USDT market cap is content with the capitalization of Ethereum.&nbsp;&nbsp;
ShezmuETH is the market’s most valued stablecoin, trading at $2.63k, followed by Quorium (QGold) at $2.51k. In terms of trading volume, USDT is the most traded, followed by USDC, DAI, FDUSD, and USDE.&nbsp;
In the past 24 hours, the Dackie USD market grew significantly, adding 423.83%.&nbsp; Market News Updates 
The total revenue generated by <a href="https://news.todayq.com/court-approves-12-7b-payout-to-ftx-creditors-in-bankruptcy-case/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin </a>miners in August 2024 fell significantly compared to that in July 2024. However, the revenue is 5% greater than that in August 2023.&nbsp;
A blockchain analysis firm recently noted that August 2024 is the second most looted month since the beginning of 2024. Approximately $310 Million were lost in hundreds of heists in the crypto market.&nbsp;&nbsp;
The border market opposes the arrest of the Telegram founder in France; recent data states that the messaging application provider has around $400 Million in digital assets.&nbsp;
Bitcoin prices seem stuck below the $60k market; it was trading at $58,021 at press time.

IDA Secures $6 Million to Launch Hong Kong’s First Stablecoin

Todayq News

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