The post Hong Kong Wants To Compete With Tether And USDC, Urges To Issue A Stablecoin appeared first on Coinpedia Fintech News
As the crypto space sees a rise in popularity and global adoption, Hong Kong is making waves with its forward-thinking approach. The city-state is not just embracing the digital currency revolution, but it’s also aiming to become a significant player. According to Wu Blockchain, Hong Kong received a proposal to issue its own stablecoin, a move that could see it compete with established giants like Tether (USDT) and USD Coin (USDC).
HKDG Stablecoin Aims To Strengthen Hong Kong’s Blockchain Plans
A fresh policy recommendation is urging the government of Hong Kong to introduce its own stablecoin, named HKDG, which would be supported by its foreign exchange reserves. This move is aimed at rivaling existing stablecoins like USDT and USDC.
The proposal is a collaborative effort between Wang Yang, the Vice Chancellor of the Hong Kong University of Science and Tech
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