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<Research>Sinolink Securities Lists Comparison of 3 Groups of HK Stablecoin 'Sandbox' Participants (Table)
Sinolink Securities’ report listed a comparison of three groups of “sandbox” participants for Hong Kong stablecoins:1) JINGDONG CoinlinkBackground: Subsidiary of ...
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<Research>Sinolink Securities Lists Comparison of 3 Groups of HK Stablecoin 'Sandbox' Participants (Table)
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Sinolink Securities’ report listed a comparison of three groups of “sandbox” participants for Hong Kong stablecoins:

1) JINGDONG Coinlink
Background: Subsidiary of JDT
Partners: Airstar Bank (Xiaomi + Tencent Series) and global compliance exchanges
Stablecoin Application Scenarios: Optimizing JD platform supply chain settlement, and addressing cross-border e-commerce payment challenges
Core Advantages: JD's overseas e-commerce ecosystem, and cross-border retail payment scenarios
Current Progress: In the second phase of sandbox testing (cross-border payment/investment transactions/retail payments), currently testing HKD stablecoins, with plans to test other fiat stablecoins and launch stablecoins pegged to HKD and other currencies in the future

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2) RD InnoTech
Background: Co-founded by former HKMA Chief Executive Norman Chan, with five major shareholders including ZhongAn Digital Asset, HashKey, and Dragonfly Capital each holding about 20%
Partners: Licensed virtual asset exchange HashKey Exchange and numerous Web3 companies
Stablecoin Application Scenarios: Cross-border trade, virtual asset transactions, RWA three major business scenarios
Core Advantages: HashKey exchange users, RWA institutional investors, strong founding background
Current Progress: Plans to issue HKD stablecoin HKDR on Ethereum, with in-depth research on application scenarios and business strategies

3) Joint Venture of Standard Chartered Bank and Others
Background: Collaboration among Standard Chartered Hong Kong, Animoca Brands, and HKT
Partners: Standard Chartered provides fund custody, Animoca Brands responsible for application scenario development, and HKT responsible for payment connection
Stablecoin Application Scenarios: Connecting traditional finance with Web3 payments, reducing cross-border exchange costs in the Greater Bay Area
Core Advantages: Greater Bay Area exchange scenarios; Standard Chartered Bank's institutional clients; Animoca Brands' extensive Web3 network, and HKT's local retail users and mobile payment base
Current Progress: In the late stage of sandbox testing, targeting the first batch of license applications

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