TrustToken rolls out its first Asian offering with Hong Kong dollar-backed stablecoin

Stablecoins issuer TrustToken has launched yet another product - this time pegged to the Hong Kong dollar (HKD), the firm announced Tuesday.

Dubbed TrueHKD, the stablecoin is backed by Hong Kong-licenced digital asset custody provider Legacy Trust, according to the announcement. Users can purchase TrueHKD from the firm's app.


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TrustToken said the new offering is its "first major" expansion into the Asian market after launching TrueUSD, TrueGBP, TrueCAD and TrueAUD with custody providers based in the U.S.

"Asia is a significant market for the digital asset industry, and Hong Kong is the financial centre of the region, so it makes sense to launch TrueHKD to tap into that market and facilitate international transactions," said Legacy Trust founder and CEO Vincent Chok.

Earlier this month, TrustToken also partnered with cryptocurrency exchange Binance to provide users an easier way to move in and out of TrueUSD stablecoin.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.