Hong Kong’s OneDegree sees significant stablecoin development interest

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OneDegree, a Hong Kong-based digital insurance coverage firm, reported curiosity from over 100 undertaking groups for stablecoin growth. 

The passion spans a wide range of purposes, together with funds, worldwide commerce finance, the fairness and debt capital markets, and rising sectors like defi and gamefi.

This uptick in curiosity coincides with the discharge of a public session paper by Hong Kong’s Monetary Providers, the Treasury Bureau, and the Hong Kong Financial Authority specializing in stablecoins. In keeping with a neighborhood media publication, Mr. Kwok Yan-lun, co-founder of OneDegree, highlighted the numerous consideration the corporate has garnered within the context of stablecoin growth. Notably, a number of of those tasks are exploring stablecoin purposes and contemplating making use of for a Digital Asset Service Supplier (VASP) license in Hong Kong.

Mr. Guo Yanlin, representing OneDegree, emphasised the pivotal position of stablecoins within the evolution of web3. He elaborated on the increasing scope of stablecoin use circumstances and their rising acceptance in regulated markets. Yanlin additionally predicted that this development will probably result in elevated buying and selling volumes and capital flows for digital asset exchanges, custodians, and asset managers. 

In mild of those developments, OneDegree is advocating for a rise within the higher restrict of investor safety for each heat and sizzling wallets, anticipating a extra sturdy and safe future for digital asset transactions.

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