TrustToken is issuing a stablecoin backed by Hong Kong dollars. TrustToken says this is the first stablecoin pegged to an Asian currency. TrueHKD will be pegged one-to-to one with the Hong Kong dollar that is currently worth about USD $0.13.
TrustToken has partnered with Legacy Trust to custody the assets.
TrueHKD is now available for purchase in the TrustToken app. Hong Kong residents, as well as other users who hold Hong Kong dollars, may now access TrustToken’s network of exchanges, partners, and wallets, according to the company.
Jai An, CEO of TrustToken, said they were thrilled to be working with Legacy Trust. Founded in 1992, a Legacy Trust is a Hong Kong-licensed and Public Registered Trust Company that provides custody services to institutions, corporations and high net-worth individuals to custody traditional and digital assets.
“Our goal is to offer traders better solutions to securely move between local fiat currencies and the global blockchain markets and applications,” said An. “Legacy Trust has built a reputation as one of the world’s most trusted digital asset custodians – we are excited to have them as a partner to take the first major step in expanding our global banking network for our users.”
TrueHKD is their first stablecoin in the region but TrustToken is planning for more. Currently, TrustToken offers stablecoins backed by US dollars, Canadian dollars, Australian dollars, and pounds sterling.
Vincent Chok, founder and CEO of Legacy Trust, said that Asia is an important region for crypto and Hong Kong is the financial center of the region so it makes sense to launch TrueHKD.
“Working with TrustToken and their expertise, we hope to make it even easier to do business in Hong Kong and beyond, in a compliant and accountable way.“
TrustToken adds that the news comes soon after their announcement of a partnership with Binance that makes it easier for traders to move value between Binance and their bank accounts.