Companies from Hong Kong and Japan are working on a project that utilizes stablecoins for cross-border trade.
Project Goals and Objectives
The project aims to use stablecoins to optimize the import-export operations between Hong Kong and Japan. Participants intend to create an alternative to traditional fund transfer methods, providing clear regulatory frameworks for digital assets in both countries.
Technical Aspects and Participants’ Roles
For the PoC implementation, IDA will manage monetary operations and a reserve fund. Progmat will provide the stablecoin issuance platform, Datachain will enhance asset exchange development, and TOKI will ensure cross-chain transactions.
Growth Potential and Regulatory Aspects
The project offers the opportunity to improve current trade routes considering regulatory and compliance standards. The experience and structure used will help ensure the successful implementation of stablecoin-backed transactions in both countries.
The initiative to use stablecoins for cross-border trade could significantly alter financial operations between Hong Kong and Japan, creating new business opportunities.
