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Futu's Cheetah Trading, in partnership with Dingdian Financial, completed on-chain transfer testing of the Hong Kong dollar stablecoin HKDAP.
Golden Finance reports that on May 13, Futu Holdings’ wholly owned licensed trading platform “Cheetah Trading” announced the successful completion of 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 collaborative test.
This test covered the entire 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 minted and transferred HKDAP tokens were fully backed by 100% reserve assets. After the test was completed, all issued HKDAP tokens were fully redeemed.