The payment startup Bitspark has released a steablecoin Sparkdex.HKD tied to a Hong Kong dollar. This is reported by the Fintech Hong Kong.
According to the company, this is the first “stable coin” in the world based on the Hong Kong dollar (HKD).
Until now, US Dollar stablecoins have dominated the market but there are other national currencies in the world, like the Hong Kong Dollar. We are proud to have pioneered this landmark first for both the cryptocurrency and traditional finance industry, and anticipate that this will lead the way for much-needed diversity among other currencies within the stablecoin sector.
Co-Founder and CEO, Bitspark
Sparkdex.HKD is backed up by Bitspark reserves in fiat HKD. The coin will be audited regularly with results published quarterly.
The new stablecoin is already on the listing of decentralized exchanges Sparkdex (a division of Bitspark) and BitShares.