TechFlow news: Conflux Network, a public blockchain compliant with Chinese regulatory requirements, is assisting in the beta testing of AxHKD, a Hong Kong dollar (HKD)-backed stablecoin.
The stablecoin is developed by local fintech company AnchorX and will initially launch on Conflux Network before expanding to Ethereum.
It maintains a 1:1 peg to the Hong Kong dollar and is backed by high-quality liquid asset reserves. These reserves are safeguarded through an independent trust arrangement and held by regulated financial institutions in Hong Kong. OKLink Trust, a strategic partner of AnchorX, provides custody services for the issuance of AxHKD.
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