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 IDA Finance Hong Kong Limited and Quinlan &amp; Associates have jointly <a style="color: #0000ff;" href="https://www.prnewswire.com/apac/news-releases/a-report-shows-that-stablecoins-will-be-crucial-for-advancing-hong-kongs-position-as-a-leading-web3-hub-regulations-are-the-key-to-mass-adoption-302317168.html" rel="noopener noreferrer nofollow">released</a> a report that examines the transformative potential of regulated stablecoins as reliable legal tender for real-world payments, both locally and globally.
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The <a style="color: #0000ff;" href="https://www.quinlanandassociates.com/from-digital-currency-to-legal-tender/" rel="noopener noreferrer nofollow">report</a> titled “From Digital Currency to Legal Tender: The Role of Regulated Stablecoins in Driving Real-World Payments” discusses the current stablecoin ecosystem, noting that adoption is mainly limited to the Web3 space. It proposes that a regulated, non-captive stablecoin could connect blockchain technology with traditional finance, enhancing trust and expanding usage to everyday transactions.&nbsp;
Lawrence Chu, Co-Founder and CEO of IDA, emphasizes that these characteristics position stablecoins to influence global financial systems significantly.
Sean Lee, Co-Founder and Chief Strategy Officer of IDA, announced plans for an HKD-based stablecoin to integrate with existing financial systems, supporting Hong Kong’s digital economy goals. This stablecoin aims to provide practical utility in retail and commercial sectors, reducing dependency on USD-pegged currencies. With more than 83% of countries operating outside the USD system, non-USD stablecoins could improve financial inclusion and connectivity, benefiting local economies and international travellers.
The report highlights that stablecoins can change the payment landscape in Hong Kong by reducing high fees, expanding user options, and accelerating merchant settlement times. By addressing regulatory challenges and encouraging collaboration, stablecoins could emerge as essential to global digital finance, positioning Hong Kong as a leader in this rapidly evolving sector.
Recently, IDA <a style="color: #0000ff;" href="https://defi-planet.com/2024/09/hong-kongs-ida-raises-6m-to-launch-fiat-backed-stablecoin-hkd-partners-with-solana-and-polygon/" rel="noopener noreferrer nofollow">secured</a> $6 million in seed funding to develop its first fiat-backed stablecoin, HKD. The funding round was led by CMCC Global’s Titan Fund and Hashed, with additional participation from Hack VC, Anagram, GSR, Protagonist, and angel investors, including Raj Gokal, co-founder of Solana. IDA also announced partnerships with blockchain foundations such as Solana, Polygon, and Aptos to enhance the interoperability, liquidity, and resilience of the HKD stablecoin. This initiative aligns with IDA’s broader vision of integrating stablecoins into mainstream financial systems.
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The post <a href="https://defi-planet.com/2024/11/ida-finance-and-quinlan-advocate-for-stablecoins-as-future-legal-tender/" rel="noopener noreferrer nofollow">IDA Finance and Quinlan Advocate for Stablecoins as Future Legal Tender</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

IDA Finance and Quinlan Advocate for Stablecoins as Future Legal Tender

DeFi Planet

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