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HSBC Launches Blockchain-Based Tokenized Deposit Service in Hong Kong
HSBC Launches Blockchain-Based Tokenized Deposit Service in Hong Kong
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HSBC Holdings has unveiled a pioneering blockchain settlement platform in Hong Kong, marking the city’s first regulated institutional foray into deposit tokenization. The system converts traditional bank deposits into digital tokens, enabling corporate clients to execute real-time USD and HKD transactions.
The innovation promises to slash transaction costs while accelerating payment processing times. Hong Kong’s monetary authority endorsed the project through its distributed ledger technology incubator, signaling regulatory approval for institutional blockchain adoption.
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