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According to Decrypt, Conflux Network, known as China's MATIC, introduced the Hong Kong Dollar-Backed Stablecoin AxHKD.
Conflux Network, the only regulated public blockchain in China, today announced its pivotal role in assisting with the successful beta testing of the Hong Kong Dollar (HKD)-backed stablecoin AxHKD.
Created by local fintech company AnchorX, the stablecoin will be launched first on the Conflux network, followed by the Ethereum (ETH) network.
AxHKD will initially be launched on the Conflux public blockchain and will use world-class distributed ledger technology and robust cybersecurity measures, the statement said. It was also stated that it will be pegged at a 1:1 ratio to HKD, backed by high-quality liquid asset reserves.
AnchorX Chief Compliance Officer Byron Wong said the following about the AxHKD stablecoin:
“Hong Kong has taken one of the most proactive approaches to stablecoin regulation globally.
We want to ensure that AxHKD strictly complies with recommended stablecoin standards.
“We will also be investigating the application to participate in the upcoming regulatory sandbox and hope to contribute our first-hand practical insights to the formation of a successful stablecoin regulatory regime.”
CFX started to rise after the news.
*This is not investment advice.