TrustToken, the company behind TrueUSD, has launched a Hong Kong dollar-pegged stablecoin in order to tap the lucrative Asian market.
Announced today, the company has partnered with Legacy Trust, a Hong Kong-licensed crypto custodial service, to hold the fiats that collateralize TrueHKD. This is the first custodial partnership of the company outside the United States.
Commenting on the development, Jai An, chief executive of TrustToken, said: “We are thrilled to be working with Legacy Trust to expand into the Asian market. Our goal is to offer traders better solutions to securely move between local fiat currencies and the global blockchain markets and applications.”
“Legacy Trust has built a reputation as one of the world’s most trusted digital asset custodians – we are excited to have them as a partner to take the first major step in expanding our global banking network for our users.”
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The HKD-pegged digital currency can be purchased by any Hong Kong resident or anyone holding the fiat from the company’s app. The stablecoin will allow its holders to access TrustToken’s network of exchanges, partners, and wallets.
TrustToken announced the expansion of its stablecoin offering in last April when it launched TrueAUD, an Australian dollar-pegged cryptocurrency, and announced the development of three more fiat-pegged currencies – TrueEUR, TrueCAD, and TrueHKD. The firm has already launched TrueCAD, while TrueEUR is expected to hit the market in Q3 2019.
The San Fransisco-based company also launched a pound sterling-pegged digital token earlier this year.
Apart from expanding its offering, the company is also focusing on increasing the transparency of its platform. Earlier this year, TrustToken has partnered with an accounting firm to provide real-time audits of its stablecoins.
“Asia is a significant market for the digital asset industry, and Hong Kong is the financial center of the region, so it makes sense to launch TrueHKD to tap into that market and facilitate international transactions,” Vincent Chok, founder and CEO of Legacy Trust, added. “Working with TrustToken and their expertise, we hope to make it even easier to do business in Hong Kong and beyond, in a compliant and accountable way.”