Hong Kong Digital Asset Company IDA collaborates with Japan Bank Group Progmat to launch stablecoin cross-border remittance service

Hong Kong Digital Asset Company IDA announced strategic cooperation with Japanese bank group Progmat, blockchain company Datachain, and cross-chain infrastructure provider TOKI FZCO to jointly develop a Proof of Concept (PoC) for stablecoin-based cross-border applications between Hong Kong and Japan. It is reported that the related stablecoins will be used under the compliance requirements of Hong Kong's regulatory system, priced in yen and Hong Kong dollars. Previously, IDA has cooperated with Bank of East Asia to explore the feasibility of widely adopting digital finance by pegging a stablecoin to the Hong Kong dollar at 1:1 ratio.