The payment startup Bitspark has released a stablecoin Sparkdex.HKD pegged to a Hong Kong dollar. This is reported by the local edition of Fintech Hong Kong.
According to the company, this is the first “stable coin” in the world based on the Hong Kong currency (HKD).
“Until now, the market has been dominated by stablecoins pegged to the US dollar. However, there are many other national currencies in the world, including the Hong Kong dollar. We are proud to be pioneers in this niche, ”said George Harrap, CEO and co-founder of Bitspark.
Sparkdex.HKD is backed up by Bitspark reserves in fiat HKD. The coin will be audited regularly and publish its results quarterly.
The new stablecoin is already on the listing of decentralized exchanges Sparkdex (a division of Bitspark) and BitShares.