A new policy proposal urges the Hong Kong government to issue its own stablecoin, HKDG, backed by its foreign exchange reserves — in order to compete with existing stablecoins such as USDT and USDC. The proposal highlights the importance of stablecoins as a bridge between traditional finance and the digital economy. With Hong Kong's foreign exchange reserves — some $430 billion as of March — exceeding the combined market capitalization of USDT and USDC, an HKDG stablecoin backed by the government would offer higher credibility and lower risk, the proposal states. Additionally, the paper argued HKDG would help Hong Kong to take a substantial step toward de-dollarization.
Check out the hashd app. It gives you important crypto news and updates in short, simple and easy to read slides. Amazing!
Android: https://links.hashd.co/android
Comments