TrustToken, a digital stablecoin provider, today announced it is launching its first stablecoin pegged to an Asian currency, the Hong Kong dollar. The new stablecoin, TrueHKD, is fully backed by Hong Kong dollars and is launching with the support of Hong Kong-licenced digital asset custody provider Legacy Trust.
TrueHKD is now available for purchase in the TrustToken app and will allow Hong Kong residents, as well as other users who hold Hong Kong dollars, to access TrustToken’s global network of exchanges, partners, and wallets.
“We are thrilled to be working with Legacy Trust to expand into the Asian market,” said Jai An, CEO of TrustToken. “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.”
TrueHKD is the first major expansion for TrustToken into the Asian market after launching TrueUSD, TrueGBP, TrueCAD, and TrueAUD with custody providers based in the US.
“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 said, “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.“
This announcement comes on the heels of a recent partnership between TrustToken and Binance to offer easier ways for traders to move between the Binance exchange and their bank accounts. TrustToken plans to build out TrueHKD integrations within its ecosystem of partners over the coming months.