ZA Bank Looks to Offer Hong Kong Accounts for Stablecoin Issuers
- Virtual bank aims to tap growth in the so-called Web3 economy
- Hong Kong officials are trying to develop a digital-asset hub
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Hong Kong’s ZA Bank is talking to potential stablecoin issuers about setting up accounts for the cash reserves that would back the tokens.
Alternate Chief Executive Devon Sin said the virtual lender is in touch with five to eight existing and new corporate clients that are considering creating stablecoins. They would be offered fiat reserve accounts once they are officially admitted to a Hong Kong Monetary Authority regulatory sandbox, he said.