Stablecoins: The New Love Language Between Hong Kong and Japan

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In a move that screams “we’re too cool for SWIFT,” Hong Kong’s IDA Finance has decided to buddy up with Japanese banking group Progmat and a couple of blockchain nerds to create a stablecoin remittance service. Because, apparently, sending money across borders the old-fashioned way is so 2010. 🏦💸

According to a press release that probably took longer to write than the actual transactions will take to process, IDA and Progmat are teaming up with Datachain and TOKI to build a proof-of-concept (PoC) for stablecoin cross-border transactions. Because nothing says “innovation” like a bunch of acronyms working together. 🤝

1 reserve backing for the stablecoins, because apparently, they’ve learned from the mistakes of other crypto projects. Progmat will issue the stablecoins and provide the platform, Progmat Coin, which sounds like something you’d find in a gumball machine. Datachain will develop the technology for cross-border stablecoin exchanges, and TOKI will lend its cross-chain expertise, because every project needs a token Japanese-sounding name. 🎌

“We’re about to make bank, literally.” 💰

Both Hong Kong and Japan have been pushing for more stablecoin regulations, because nothing says “we’re serious about this” like a bunch of bureaucrats arguing over the fine print. Hong Kong’s Financial Services Secretary, Christopher Hui, introduced a stablecoin bill to the legislative council in December 2024, because apparently, the future is now. 🕰️

Meanwhile, Japan lawmakers are pushing for a crypto reform bill that would allow stablecoins to be backed by short-term government bonds and fixed-term deposits with an upper limit of 50%. The bill is already headed to the National Diet, because nothing says “progress” like a bunch of politicians debating the merits of digital Monopoly money. 🏛️

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2025-03-21 14:22