Hong Kong's First Approved Stablecoin Completes Testing

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 6 days ago

ETH+0.397%

STABLE+1.85%

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Test Transfers Completed: Hong Kong's first officially approved stablecoin, HKDAP, has successfully completed test transfers on the Ethereum blockchain, marking a significant step toward its potential public launch in one of Asia's most closely watched digital asset markets, indicating its technical readiness.
Regulatory License Advantage: Issued by Anchorpoint, which holds a license from the Hong Kong Monetary Authority, HKDAP is the first stablecoin to operate under Hong Kong's formal regulatory framework, reflecting the region's support for compliant crypto activities and oversight.
Ethereum Compatibility: By conducting tests on the Ethereum network, HKDAP gains access to the largest ecosystem of decentralized finance protocols, wallets, and exchanges, which could enhance its market liquidity and user base if it proceeds to a public launch.
Future Development Focus: Despite the completion of testing, no public launch timeline has been announced, and further regulatory and operational milestones must be achieved; the market will closely monitor which trading platforms will support HKDAP and its potential expansion to other blockchain networks.

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Technical Analysis for ETH

Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 3 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Ethereum (ETH) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	1779.707	1873.353	1970.207	2063.853	2160.707	2254.353	2351.207
Fibonacci	1873.353	1946.124	1991.082	2063.853	2136.624	2181.582	2254.353

About ETH

Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.Ethereum was first described in a 2013 whitepaper by Vitalik Buterin. Buterin, along with other co-founders, secured funding for the project in an online public crowd sale in the summer of 2014. The project team managed to raise $18.3 million in Bitcoin, and Ethereum’s price in the Initial Coin Offering (ICO) was $0.311, with over 60 million Ether sold. Taking Ethereum’s price now, this puts the return on investment (ROI) at an annualized rate of over 270%, essentially almost quadrupling your investment every year since the summer of 2014.The Ethereum Foundation officially launched the blockchain on July 30, 2015, under the prototype codenamed “Frontier.” Since then, there has been several network updates — “Constantinople” on Feb. 28, 2019, “Istanbul” on Dec. 8, 2019, “Muir Glacier” on Jan. 2, 2020, “Berlin” on April 14, 2021, and most recently on Aug. 5, 2021, the “London” hard fork.Ethereum’s own purported goal is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime and fraud.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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