Futu's Cheetah Trading, in partnership with Dingdian Financial, completed on-chain transfer testing of the Hong Kong dollar stablecoin HKDAP.

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BlockBeats News — May 13 — Futu Holdings’ wholly owned licensed trading platform “Cheetah Trading” announced that it has successfully completed a transfer test of the Hong Kong dollar stablecoin “HKDAP” on the Ethereum mainnet with Hong Kong-licensed stablecoin issuer AnchorPoint FinTech Limited. OSL Group also participated in this collaboration test.

This test covered the full process of converting fiat Hong Kong dollar funds into reserve assets, minting HKDAP, and completing on-chain transfers. Standard Chartered Bank provided infrastructure and institutional trust services to ensure that all HKDAP minted and transferred in the test were fully supported by 100% reserve assets. After the test was completed, all issued HKDAP tokens were fully redeemed.

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