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Hong Kong digital asset insurance company OneDegree: Received more than 100 project teams expressing interest in developing stablecoins

According to the public consultation documents on stablecoins jointly issued by the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority, Kelvin Guo, co-founder of OneDegree, a Hong Kong digital asset insurance company, stated that stablecoins are crucial for the development of Web3 and can help mainstream investors enter the Web3 and cryptocurrency ecosystem. Stablecoins are supported by legal tender and can be easily converted into legal tender while maintaining value stability, providing investors with flexibility and protection.

He said that in the past few months, OneDegree has received more than 100 project teams expressing interest in developing stablecoins, with various use cases including payments, cross-border trade financing, equity and debt capital markets, DeFi and GameFi. Some projects are also interested in stablecoins and applying for a virtual asset service provider (VASP) license in Hong Kong at the same time.

He believes that with the significant increase in use cases and the mainstream market's acceptance of regulated stablecoins, virtual asset exchanges, custody and asset management companies will record larger trading volumes and fund flows. Under this premise, he believes that the upper limit of investor protection for warm wallets and hot wallets should be increased. (Hong Kong Economic Times)

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