AnchorX, a Hong Kong-based fintech company, has announced its launch to explore the Hong Kong dollar stablecoin AxHKD

PANews reported on March 8 that AnchorX, a local fintech company in Hong Kong, announced its official establishment and will explore the Hong Kong dollar stablecoin AxHKD. As another important player in Hong Kong's virtual asset space, AnchorX was established with the strategic support of leading companies in traditional finance and blockchain technology. Hony Capital, China's leading investment management group, manages more than $16 billion in assets and provides resources and business synergies for AnchorX. In addition, the Conflux Network provides AnchorX with a foundational technology with superior scalability, security, high speed, and low cost.

AxHKD will leverage the world's leading decentralized ledger technology with strong cyber security support. AxHKD ensures a 1:1 peg to the Hong Kong dollar through high-quality, highly liquid asset reserves. These reserve assets are secured through a segregated trust structure and are held by financial institutions regulated in Hong Kong. AnchorX plans to promote AxHKD's applications based on two main use cases. First, to serve as a catalyst for global cross-border payments, facilitating cross-border business between Hong Kong and the global market, especially with Belt and Road partners with inadequate banking infrastructure. Secondly, as a reliable on-chain fiat currency tool, it is applied to virtual asset trading, and at the same time paves the way for real world asset innovation in Hong Kong, opening up the link between traditional financial assets and digital assets.