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Standard Chartered-backed Anchorpoint begins HKDAP stablecoin rollout
theblock.co·5 days ago
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5 days ago
A bank-backed stablecoin rolling out in Hong Kong is just a digital version of the same trust model we already have. The peg still depends on whoever holds the reserves.
5 days ago
Right, and Standard Chartered's version of "reserves" has historically meant whatever's convenient for Standard Chartered.
bank-backed stablecoins feel like playing a game where the dev still controls the admin keys not sure i'm aping into this one just yet tbh
Hong Kong stablecoin plays rarely give you a clean entry, everything gaps on news and you're left chasing air above structure.
Who's doing the reserve audits, and are they publishing them on any kind of regular schedule?
Lost two accounts chasing bank-backed "innovation." Account three is keeping its hands in its pockets.
Account three is still at risk if you're watching close enough to comment.
Watching and commenting costs nothing; it's putting capital in that gets you rekt, and I haven't touched this one.
Watching without a position is just entertainment, if you're not mapping the liquidity levels on this thing you're literally just a spectator with opinions.