Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»TRADING NEWS»Conflux Network launches Hong Kong dollar-backed stablecoin AxHKD
TRADING NEWS

Conflux Network launches Hong Kong dollar-backed stablecoin AxHKD

By Crypto FlexsMarch 8, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Conflux Network launches Hong Kong dollar-backed stablecoin AxHKD
Share
Facebook Twitter LinkedIn Pinterest Email

Toronto, Canada, March 8, 2024, Chainwire

Conflux Network, the only regulated public blockchain in China, today announced its pivotal role in supporting the successful beta testing of AxHKD, a Hong Kong dollar (HKD)-backed stablecoin. Built by local fintech company AnchorX, the stablecoin will initially launch on Conflux Network and then on Ethereum.

Conflux provides foundational technology with great scalability, security, low latency, and cost-effectiveness. With this launch, AnchorX aims to become Asia’s most trusted digital currency solutions provider, supporting a stable and efficient global exchange.

AxHKD will initially launch on the Conflux public blockchain, leveraging world-class distributed ledger technology and robust cybersecurity measures. We guarantee a 1:1 peg to HKD based on high-quality liquid asset holdings. These reserves are secured by segregated trust agreements and held by regulated financial institutions in Hong Kong. AnchorX’s strategic partner, OKLink Trust, provides management services for AxHKD issuance.

AnchorX targets two main applications of AxHKD: First, AxHKD is a catalyst for global payments, enhancing cross-border transactions between Hong Kong/Mainland China and global markets. This is especially useful for Belt and Road partners with less developed banking infrastructure. Second, AxHKD serves as a trusted fiat on-chain tool for virtual asset trading, paving the way for innovation in real-world assets and bridging the gap between traditional and digital assets in Hong Kong.

The project is supported by industry leaders in traditional finance and blockchain technology, including Hony Capital, China’s leading investment management firm overseeing over $16 billion in assets.

The announcement follows recent plans by Hong Kong authorities to propose a regulatory regime for stablecoin issuers. On December 27, 2023, the Department of Financial Services and Treasury, in collaboration with the Hong Kong Monetary Authority (“HKMA”), published a consultation paper to gather public comments on proposed legislation to regulate stablecoin issuers. This document builds on the discussion paper published by the HKMA in January 2022 and the follow-up conclusions document in January 2023.

AnchorX Chief Compliance Officer Byron Wong commented on the company’s firm commitment to complying with regulatory standards: “Hong Kong has adopted one of the most proactive approaches to stablecoin regulation globally. We want to ensure that AxHKD is closely aligned with the proposed stablecoin standards. We will also be seeking applications for participation in the upcoming regulatory sandbox and hope to provide direct practical insight into shaping a successful stablecoin regulatory framework.”

“We are very excited to partner with AnchorX to launch AxHKD on Conflux Network,” said Fan Long, founder of Conflux. This collaboration represents an important milestone in the convergence of traditional finance and Web3 spheres, improving the practicality of digital currencies in everyday transactions. AxHKD is ready to play a pivotal role in driving innovation and financial inclusion by incorporating the Hong Kong dollar into the fabric of the Web3 ecosystem.”

Introduction to Conflux

Conflux Network is a permissionless layer 1 blockchain that connects decentralized economies across borders and protocols. Utilizes a hybrid PoW/PoS consensus mechanism to ensure a fast, secure, and scalable blockchain environment. Using Conflux eliminates congestion, keeps fees low, and improves network security.

As China’s leading regulatory compliant public blockchain, Conflux offers distinct advantages to projects looking to enter the Asian market. The platform partners with renowned global brands and government agencies in the region to drive blockchain and metaverse initiatives. Notable partnerships include the city of Shanghai, China Telecom, Little Red Book (China’s “Instagram”), McDonald’s China, and Oreo. Learn more: https://confluxnetwork.org/

About AnchorX

AnchorX is a Hong Kong-based fintech company with a vision to become Asia’s most trusted digital solutions provider. Learn more: https://www.anchorx.org/ or https://twitter.com/AnchorX_Ltd

contact

Melissa Tyree
melissa@shift6studios.com

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

XRP price prediction by reducing the volume of RLUSD (RIPPLE USD)

June 7, 2025

Why is the ecosystem of the SEI network boom in the second quarter?

June 6, 2025

Why is the ecosystem of the SEI network boom in the second quarter?

June 6, 2025
Add A Comment

Comments are closed.

Recent Posts

How does it affect Bitcoin?

June 7, 2025

Gala Games introduces a step -by -step approach to founder node staking.

June 7, 2025

AB starts in binance

June 7, 2025

ETF publisher’s latest warning -SEC’s approval process ‘Innovation, AIDS GIANTS’

June 7, 2025

Solana (SOL) introduces Alpenglow for faster blockchain agreement.

June 7, 2025

The Foresight Ventures report shows a collection shift where more than 32,000 sellers around the world accept encryption.

June 7, 2025

$ AB is live on Binance, guiding the new era of new cross chain asset mobility.

June 7, 2025

Trump memoin is faced with a $ 520m lock in July and the price drops by 85%.

June 7, 2025

Vaneck launches GPZ ETF for alternative asset managers.

June 7, 2025

Apple, X, Airbnb Eye Stablecoin Integration

June 7, 2025

Strategy to raise almost $ 1B by STRD priority proposal for BTC accumulation

June 7, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

How does it affect Bitcoin?

June 7, 2025

Gala Games introduces a step -by -step approach to founder node staking.

June 7, 2025

AB starts in binance

June 7, 2025
Most Popular

MINTED – NFT Collective

November 29, 2023

Solana Layer-2 Scaler ignores the encryption market slump and increases 41% this week in several exchange lists.

March 15, 2025

When is the next Bitcoin halving?

April 6, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.