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<Research>Sinolink Securities Lists Comparison of 3 Groups of HK Stablecoin 'Sandbox' Participants (Table)
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Sinolink Securities’ report listed a comparison of three groups of “sandbox” participants for Hong Kong stablecoins: 1) JINGDONG Coinlink Background: Subsidiary of JDT Partners: Airstar Bank (Xiaomi + Tencent Series) and global compliance exchanges Stablecoin Application Scenarios: Optimizing JD platform supply chain settlement, and addressing cross-border e-commerce payment challenges Core Advantages: JD's overseas e-commerce ecosystem, and cross-border retail payment scenarios Current Progress: In the second phase of sandbox testing (cross-border payment/investment transactions/retail payments), currently testing HKD stablecoins, with plans to test other fiat stablecoins and launch stablecoins pegged to HKD and other currencies in the future 2) RD InnoTech Background: Co-founded by former HKMA Chief Executive Norman Chan, with five major shareholders including ZhongAn Digital Asset, HashKey, and Dragonfly Capital each holding about 20% Partners: Licensed virtual asset exchange HashKey Exchange and numerous Web3 companies Stablecoin Application Scenarios: Cross-border trade, virtual asset transactions, RWA three major business scenarios Core Advantages: HashKey exchange users, RWA institutional investors, strong founding background Current Progress: Plans to issue HKD stablecoin HKDR on Ethereum, with in-depth research on application scenarios and business strategies 3) Joint Venture of Standard Chartered Bank and Others Background: Collaboration among Standard Chartered Hong Kong, Animoca Brands, and HKT Partners: Standard Chartered provides fund custody, Animoca Brands responsible for application scenario development, and HKT responsible for payment connection Stablecoin Application Scenarios: Connecting traditional finance with Web3 payments, reducing cross-border exchange costs in the Greater Bay Area Core Advantages: Greater Bay Area exchange scenarios; Standard Chartered Bank's institutional clients; Animoca Brands' extensive Web3 network, and HKT's local retail users and mobile payment base Current Progress: In the late stage of sandbox testing, targeting the first batch of license applications AASTOCKS Financial News Website: www.aastocks.com |
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