According to Wu, Hong Kong digital bank ZA Bank announced that it will provide exclusive reserve bank services for stablecoin issuers, becoming one of the first banks in Hong Kong to provide such services.

Yuanbi becomes ZA Bank’s first stablecoin issuer to provide reserve banking services. ZA Bank is currently negotiating cooperation with nearly 10 stablecoin companies.

ZA Bank is committed to supporting the development of Web3 and will continue to cooperate with the government’s policies to launch more relevant services and products to strengthen Hong Kong’s position as an international virtual asset center.