According to Decrypt, known as China’s MATIC Conflux Network 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.
The stablecoin, created by local fintech company AnchorX, was first conflux in the network, then Ethereum (ETH) will be released on the 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 investigate 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.”
post news CFX has been on the rise.
*This is not investment advice.
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