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

Stablecoins • June 25, 2019, 6:00PM EDT
UPDATED: June 26, 2019, 9:39AM EDT
The Block

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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