The cryptocurrency market is abuzz with the news that Bitcoin has rebounded to an all-time high for two years in a row. Many countries are preparing for the digital asset era.
In this wave, Conflux Network, China’s compliant public and permissionless blockchain, is collaborating with AnchorX and OKLink Trust to introduce for the first time AxHKD, a stablecoin based on the Hong Kong dollar.
Collaboration for AxHKD Stablecoin
AnchorX, a Hong Kong-based fintech company, launched AxHKD through strategic collaboration, partnering with Conflux Network for scalability and security and OKLink Trust for custody services.
This stablecoin will initially launch on the Conflux Network and then on the Ethereum blockchain.
However, AxHKD is designed to maintain a stable 1:1 peg to the Hong Kong dollar. Stability is bolstered by high-quality liquid assets secured through separate trust arrangements held by regulated financial institutions, including renowned private equity fund Hony Capital with 13 billion AUM.
AnchorX’s vision for axHKD
AnchorX suggests These are the two main applications of axHKD. First, it aims to facilitate seamless global cross-border transactions. Second, we plan to build a fiat currency on-chain system for virtual asset trading.
This strategic move positions AxHKD as a bridge between traditional and digital assets in Hong Kong.
Hong Kong’s regulatory environment
The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have shown openness to regulating virtual assets. Authorities are also exploring a regulatory framework for stablecoin issuance, creating a favorable environment for innovative projects such as AxHKD.
Meanwhile, in line with regulatory dynamics, AnchorX has expressed its intention to participate in the regulatory sandbox in the future. This strategic move highlights our commitment to contributing to the development of a strong and sound stablecoin regulatory framework.
Conflux (CFX) price change
Amid this groundbreaking announcement, Conflux (CFX) experienced a notable surge of 5% in the last 24 hours and an impressive 25% increase over the week.
Trading volume has also seen a significant increase, surging by more than 60% in the last 24 hours, highlighting increased market activity and growing interest in Conflux Network’s innovative initiatives.