Hong Kong-based ZA Bank has launched dedicated services for issuers of stablecoins amid local regulatory efforts to advance Web3 technologies in the city.
ZA Bank has rolled out dedicated banking services for issuers of stablecoins – a kind of digital token that is typically pegged to one or more fiat currencies – according to a statement. The launch coincides with the Hong Kong Monetary Authority’s (HKMA) announcement last month to begin accepting applications to test stablecoin issuances in trials.
«With our new dedicated client accounts, we are tackling the unique challenges of stablecoin issuers head-on, promoting the growth and stability of the Web3 economy,» commented ZA Bank alternate chief executive Devon Sin.
Corporate Clients
In a separate interview with «Bloomberg», Sin said that ZA Bank was in touch with five to eight existing and new corporate clients that are considering creating stablecoins. The virtual lender will offer fiat reserve accounts after the clients are admitted to HKMA’s regulatory sandbox.
«Stablecoin use cases are very diverse, be it in wholesale or retail markets, tokenization, settlement for exchange trading, or to tackle overseas remittance pain points,» Sin said. «We are keen to explore how to put them into real-world use with the potential issuers.»
