Key Points
RD InnoTech, a Hong Kong-based subsidiary of RD Technologies Group, is progressing with its plan to issue the HKDR stablecoin.
This digital currency is designed to simplify international payments and cross-border transactions.
Partnership for Stablecoin Launch
On October 28, the company, which is part of the Hong Kong Monetary Authority’s stablecoin issuer sandbox, announced that the HKDR stablecoin will be launched on Ethereum (ETH).
Ethereum was chosen for its liquidity, well-established ecosystem, and security features.
RD InnoTech has entered into a partnership with HashKey Exchange, a licensed crypto trading platform based in Hong Kong, to facilitate the launch.
As part of the collaboration agreement, RD InnoTech will use HashKey’s regulatory and institutional connections to aid in the integration of the stablecoin.
RD Technologies Group CEO Rita Liu commented on the launch, stating that stablecoins can eliminate friction in global transactions by synchronizing information and asset flows.
She added that they are creating a compliant, stable digital currency that enhances speed and affordability for businesses operating across borders.
However, RD InnoTech has not yet announced a specific launch date for the stablecoin.
It is also unclear whether it will be available to the public via decentralized finance.
The collaboration between RD InnoTech and HashKey Exchange forms part of a larger initiative to position Hong Kong as a digital assets hub.
Earlier in July, the Hong Kong Monetary Authority disclosed the list of participants in the stablecoin sandbox.
This allows them to start experimenting with the issuance of digital currencies backed by fiat currencies.
In addition to RD InnoTech, the sandbox includes JINGDONG Coinlink Technology, a subsidiary of JD.com, and a consortium comprising Standard Chartered Bank (Hong Kong), Animoca Brands, and Hong Kong Telecommunications.
