RD InnoTech to Launch HKDR Stablecoin on Ethereum

RD InnoTech has partnered with HashKey Exchange to launch its HKDR stablecoin, aiming to facilitate compatible cross-border payments.

Hong Kong-based RD InnoTech, a subsidiary of RD Technologies Group, is moving forward with plans to issue its HKDR stablecoin, designed to streamline international payments and cross-border transactions.

in a Press release On October 28, the company, which is included in the Hong Kong Monetary Authority's stablecoin issuer sandbox, announced that the HKDR stablecoin will be implemented on ethereum (eth), chosen for its liquidity, ecosystem established and security features.

To achieve this goal, RD InnoTech has partnered with HashKey Exchange, a Hong Kong-based licensed crypto trading platform, to facilitate the launch. Under the collaboration agreement, RD InnoTech will leverage HashKey's regulatory and institutional connections to support the integration of stablecoins.

Stablecoins as a solution to reduce financial friction

Commenting on the launch of the stablecoin, RD Technologies Group CEO Rita Liu said that stablecoins can “eliminate friction in global transactions by synchronizing information and asset flows.”

“We are building a stable and compliant digital currency that unlocks speed and affordability for businesses across borders.”

Rita Liu

However, the company has not specified a launch date for the stablecoin or whether it will be accessible to the public through decentralized finance. The RD InnoTech collaboration is part of a broader effort to establish Hong Kong as a digital asset hub. In early July, the Hong Kong Monetary Authority released the list of participants in the stablecoin sandbox, allowing them to begin experimenting with issuing digital currencies backed by fiat currencies.

In addition to RD InnoTech, the sandbox includes JD.com subsidiary JINGDONG Coinlink technology and a consortium consisting of Standard Chartered Bank (Hong Kong), Animoca Brands and Hong Kong Telecommunications.