By Staff Writer
TrustToken, a US-based blockchain firm, is launching its first stablecoin pegged to an Asian currency, the Hong Kong dollar. The company is partnering with HK-based digital asset custody provider LegacyTrust to issue its stablecoin pegged to Hong Kong dollar, named TrueHKD.
TrueHKD is now available for purchase in the TrustToken app and will allow Hong Kong residents, as well as other users who hold Hong Kong dollars, to access TrustToken’s global network of exchanges, partners, and wallets.
Stablecoins are one of the most popular products in the cryptocurrency industry as it allows investors to better manage the high volatility often associated with crypto assets such as Bitcoin. They are either backed by collaterals in a single currency or asset such as Hong Kong dollar or a basket of currencies or assets as would the new stablecoin to be issued sometime next year by Facebook known as Libra.
TrustToken’s chief executive Jan Ai said that the company hopes to offer investors and traders in cryptocurrencies with better solutions to “securely move between local fiat currencies and the global blockchain markets and applications.”
The latest product is the company’s first entry into the Asian markets. It has previously launched stablecoins backed by the US dollar, British pound, Canadian dollar, and Australian dollar.
The announcement comes on the heels of a recent partnership between TrustToken and Binance to offer easier ways for traders to move between the Binance exchange and their bank accounts.