{"id":16099,"date":"2024-03-21T13:15:00","date_gmt":"2024-03-21T13:15:00","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=16099"},"modified":"2024-03-21T11:48:28","modified_gmt":"2024-03-21T11:48:28","slug":"conflux-and-anchorx-collaborate-to-launch-hkd-pegged-stablecoin-in-q2","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/conflux-and-anchorx-collaborate-to-launch-hkd-pegged-stablecoin-in-q2\/","title":{"rendered":"Conflux and AnchorX Collaborate to Launch HKD-Pegged Stablecoin in Q2"},"content":{"rendered":"<p>Conflux Network is partnering with fintech firm AnchorX to launch AxHKD, a Hong Kong dollar-pegged stablecoin, as early as Q2 2024. This move comes on the heels of the Hong Kong Monetary Authority&#8217;s (HKMA) launch of a regulatory sandbox for stablecoin issuers last week.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/conflux-and-anchorx-collaborate-to-launch-hkd-pegged-stablecoin-in-q2\/#Q2_Launch_Targeted_Subject_to_Regulations\" title=\"Q2 Launch Targeted, Subject to Regulations\">Q2 Launch Targeted, Subject to Regulations<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/conflux-and-anchorx-collaborate-to-launch-hkd-pegged-stablecoin-in-q2\/#Addressing_Market_Demand_for_HKD_Stablecoin\" title=\"Addressing Market Demand for HKD Stablecoin\">Addressing Market Demand for HKD Stablecoin<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Q2_Launch_Targeted_Subject_to_Regulations\"><\/span><span style=\"font-size: 75%;\">Q2 Launch Targeted, Subject to Regulations<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Fan Long, Conflux CEO, expressed optimism about the launch timeframe, stating, &#8220;We hope they [HKMA] could push it as soon as possible. If it&#8217;s going fast, maybe in Q2, people will be able to get them from exchanges, which is the fastest possibility.&#8221; However, he acknowledged that the final timeline depends on the progress of the regulatory sandbox.<\/p>\n<p>The HKMA&#8217;s sandbox provides guidance for firms seeking to issue stablecoins in Hong Kong. This follows a consultation document released by the HKMA on February 29th regarding regulations for stablecoin issuers. The Financial Services and Treasury Bureau proposed that stablecoin issuers pegged to fiat currencies require HKMA licenses.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Addressing_Market_Demand_for_HKD_Stablecoin\"><\/span><span style=\"font-size: 85%;\">Addressing Market Demand for HKD Stablecoin<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The dominance of US-dollar pegged stablecoins has led some financiers to question the ability of authorities to maintain local currency pegs. Alessio Quaglini, CEO of Hong Kong-based Hex Trust, expressed his doubts about the necessity of an HKD <a href=\"https:\/\/coinengineer.net\/blog\/european-union-prepares-complaint-file-about-stablecoin-issuers\/\">stablecoin<\/a>, stating, &#8220;I am also thinking if we really need HK dollar stablecoin.&#8221;<\/p>\n<p>The Conflux-AnchorX partnership aims to address this potential market demand by introducing AxHKD. This Hong Kong dollar-backed stablecoin will maintain a 1:1 peg through a 1:1 trading band with the HKD. The entire system will be backed by reserves of highly liquid assets.<\/p>\n<hr \/>\n<p><em>Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don\u2019t forget to follow us on\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram<\/strong><\/a>,\u00a0<a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a> for the latest news and updates.<\/em><\/p>\n<div id=\"gtx-trans\" style=\"position: absolute; left: 437px; top: 444.875px;\">\n<div class=\"gtx-trans-icon\"><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Conflux Network is partnering with fintech firm AnchorX to launch AxHKD, a Hong Kong dollar-pegged stablecoin, as early as Q2 2024. This move comes on the heels of the Hong Kong Monetary Authority&#8217;s (HKMA) launch of a regulatory sandbox for stablecoin issuers last week. Q2 Launch Targeted, Subject to Regulations Fan Long, Conflux CEO, expressed<\/p>\n","protected":false},"author":1,"featured_media":16100,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[5078,5079,4171,3742,488],"class_list":["post-16099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-anchorx","tag-axhkd","tag-conflux","tag-conflux-network","tag-stablecoin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Conflux and AnchorX Collaborate to Launch HKD-Pegged Stablecoin in Q2 - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Conflux Network is partnering with fintech firm AnchorX to launch AxHKD, a Hong Kong dollar-pegged stablecoin, as early as Q2 2024.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/conflux-and-anchorx-collaborate-to-launch-hkd-pegged-stablecoin-in-q2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Conflux and AnchorX Collaborate to Launch HKD-Pegged Stablecoin in Q2 - 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