TrustToken Enters Asia, Launches HKD-Pegged Stablecoin

TrustToken, the company behind TrueUSD, has launched a Hong Kong dollar-pegged Stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term 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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term 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.”

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.

Expanding offerings

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.”