Hong Kong’s scholar backs HKD stablecoin to take on USD and USDT
The Vice President of the Hong Kong University of Science and Technology is once more supporting the idea of introducing a stablecoin tied to the Hong Kong Dollar (HKD) to challenge the status of USDT, a privately-issued stablecoin , and even the USD, the world’s largest reserve currency. Rooting for a HKD stablecoin Ta Kung Pao, a local news source in Hong Kong, references an earlier article titled “Hong Kong’s University of Science and Technology Proposes HKD Stablecoin Backed by Foreign Exchange Reserves.” The proposal suggests introducing a stablecoin denoted as HKDG, backed by the substantial foreign exchange reservesamounting to $430 billion. This idea aims to enhance liquidity in Hong Kong, rejuvenate its financial landscape, and facilitate crucial objectives like government investments and national developmental strategies. Additionally, the article highlights that the push for this concept stems from the fact that while the HKD can be exchanged ...