PANews reported on October 19 that according to Sing Tao Daily, IDA, a Hong Kong-based fiat-referenced stablecoin issuer, announced the appointment of Wang Shixiong as chairman of the board of directors. He will lead IDA's strategic vision and corporate governance to prepare for its upcoming launch of a fiat-referenced stablecoin. It is reported that Wang Shixiong has more than 30 years of experience in the banking industry and has served as deputy chief executive officer of Bank of China (Hong Kong) Group, responsible for various financial market operations, including global markets, global transaction banking, investment management, insurance, asset management and other capital market related businesses. IDA announced in September this year that it had completed a $6 million seed round of financing, with Hack VC, Anagram, GSR, Protagonist, Brinc, Chorus One, Kenetic, SNZ and Yolo Investments participating in the investment to promote the development and launch of its stablecoin HKDA, which is 1:1 collateralized by Hong Kong dollars.