PANews reported on December 24 that HashKey Group announced a partnership with Xinda International Asset Management to launch the first STBL project issued by a financial institution in Hong Kong. Hash Blockchain Limited ("HashKey Exchange") serves as the first distributor of the short-term asset-backed liquidity note token STBL issued by Xinda International Asset Management. In the future, Xinda International Asset Management also plans to expand the issuance of STBL to HashKey Chain and introduce innovative incentive mechanisms to broaden the investor base.
Terence Pu, the General Manager of HashKey Exchange, stated: "The STBL project not only enhances operational efficiency but also provides investors with stable and low-risk returns, thereby boosting market confidence. As the largest licensed virtual asset exchange in Hong Kong, HashKey Exchange focuses on bridging the gap between high-quality STO products and the growing community of cryptocurrency investors. We also look forward to future participation from HashKey Chain to provide more innovative on-chain financial solutions for the project."
The relevant assets of STBL are a portfolio of AAA-rated money market funds (MMFs). Each STBL has a face value of 1 US dollar, can be transferred 24/7, and will automatically distribute daily accrued interest to professional investors' wallets in the form of newly issued tokens on the monthly payout date.
Xinda International Asset Management will act as the manager of STBL, while NVT will provide blockchain operation services for STBL's blockchain agent and offer technical support for the issuance of STBL on the blockchain. Guangfa Securities (Hong Kong) Brokerage Limited and HashKey Exchange will serve as the first distributors of STBL.