Hong Kong digital asset company IDA collaborates with Japan's banking group Progmat to launch stablecoin cross-border remittance service

Hong Kong digital asset company IDA announced a strategic partnership with Japan's banking group Progmat, blockchain company Datachain, and cross-chain infrastructure provider TOKI FZCO to jointly develop a proof of concept (PoC) for cross-border application scenarios based on stablecoins between Hong Kong and Japan. It is reported that the relevant stablecoins will be used under the compliance requirements of Hong Kong's regulatory framework, priced in Japanese yen and Hong Kong dollars. IDA has previously collaborated with East Asia Bank to explore the feasibility of widely adopting digital finance with a 1:1 Hong Kong dollar-pegged stablecoin.