Yuan Coin Technology plans to issue a Hong Kong dollar stablecoin HKDR on Ethereum

ChainCatcher news, according to Hong Kong media Xin Bao, the Hong Kong stablecoin regulation will take effect on Friday (August 1). Circle Technology is one of the participating institutions in the Monetary Authority's stablecoin issuer sandbox. The company's CEO, Liu Yu, stated in a recent interview that they intend to issue the Hong Kong dollar stablecoin HKDR on the Ethereum public chain. The proposed stablecoin mainly has three application scenarios: digital asset trading, cross-border trade, and asset tokenization, and it is expected that operations by businesses and individuals will become the norm within 3-5 years.