TrustToken Launches TrueHKD Stablecoin Pegged to the Hong Kong Dollar with Legacy Trust Partnership
TrustToken has introduced a stablecoin pegged to the Hong Kong dollar in a bid to tap into the fast-growing Asian market. The company currently owns TrueUSD, one of the world’s largest stablecoins.
TrustToken will work in partnership with Legacy Trust, a crypto custodial service operating out of Hong Kong, to hold the fiat money that collateralizes the new TrueHKD stablecoin. This is the first time that the company is seeking custodial services from a provider based outside the US.
Jai An, the CEO of TrustToken, said that they were excited to partner Legacy Trust to expand their scope into Asia. He added that the company’s goal is to provide reliable solutions that allow users to access the crypto trading space. Jai concluded by saying that Legacy Trust is one of the best digital asset custodians in the world and that the inclusion is vital in the company's mission to become a global force in the cryptocurrency industry.
Users can purchase TrueHKD using the TrustToken app, provide they live in Hong Kong. The stablecoin allows its users to access the entire TrustToken ecosystem, which consists of wallets, exchanges and partners and so on.
In April, TrustToken announced a new addition to its stablecoin offerings by launching the TrueAUD; a digital currency pegged on the Australian dollar. Since then the company has introduced TrueEUR, TrueCAD, and TrueHKD, which are pegged on the Euro, Canadian dollar and the Hong Kong dollar, respectively. TrueEUR is scheduled to go live later this year. The company also has a stablecoin pegged on the UK sterling pound.
Besides increasing its stablecoin portfolio, TrustToken is also working to improve the transparency within its ecosystem. The company formed a partnership with Armanino to conduct real-time audits of its stablecoin offerings earlier this year.
Vincent Chok, the CEO and founder of Legacy Trust, said that the introduction of TrueHKD was a viable project because Hong Kong is the financial hub of Asia, which is itself the biggest market for digital assets in the world. He added that the company would leverage the expertise of TrustToken to ensure that crypto trading in Hong Kong and Asia is straightforward and compliant.