Hong Kong digital asset company IDA has partnered with Japanese banking group Progmat to launch a stablecoin cross-border remittance service.

Golden Finance reported that Hong Kong digital asset company IDA announced a strategic cooperation with Japan's banking group Progmat, as well as blockchain company Datachain and cross-chain infrastructure provider TOKI FZCO, to jointly develop a proof of concept (PoC) for cross-border application scenarios based on stablecoins between Hong Kong and Japan. It is reported that the relevant stablecoins will be used under Hong Kong's regulatory compliance requirements, priced in Japanese yen and Hong Kong dollars. IDA had previously cooperated with East Asia Bank to explore the feasibility of widespread adoption of digital finance with a 1:1 pegged stablecoin to the Hong Kong dollar.