ChainCatcher reported that according to Cointelegraph, ZA Bank, the largest virtual bank in Hong Kong, announced that it will provide exclusive reserve bank services for stablecoin issuers.

ZA Bank confirmed in a statement that as the first digital bank in Hong Kong to provide such services, it has cooperated with the first stablecoin issuer Yuancoin. Yuancoin became the first stablecoin issuer to use these reserve bank services, marking a major breakthrough in the innovation of traditional banking and financial technology. In addition, ZA Bank is negotiating future cooperation projects with about 10 other stablecoin companies and actively supports the policies of the Hong Kong Monetary Authority (HKMA).