TRON and Huobi CEO hints at the release of a stablecoin pegged to the Hong Kong dollar

Previously, Justin Sun stated that Hong Kong is ready to become the leading crypto hub in Asia

27.04.2023 - 13:20

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4 min

What’s new? On April 27, the CEO of the crypto exchange Huobi, Justin Sun, hinted that the blockchain he founded, TRON, could soon launch a stablecoin pegged to the Hong Kong dollar exchange rate. “HK stablecoin on TRON soon?” the businessman wondered on his Twitter. That said, Sun previously noted the Hong Kong authorities’ strong support for digital asset innovation and Web 3.0 and said the city is well-positioned to become Asia’s leading crypto hub.

#HK 🇭🇰 stablecoin on #TRON soon? 👀 — H.E. Justin Sun 孙宇晨 (@justinsuntron) April 27, 2023

Hong Kong and cryptocurrencies. In March, Hong Kong authorities allocated $50 million to develop the Web 3.0 ecosystem, and PRC banks became interested in providing services to crypto companies in the city. In the same month, it became known that the new Hong Kong fund intends to raise $100 million this year to invest in crypto startups.

In April, CPIC Investment Management, a Chinese state-owned insurance company, announced the launch of two crypto funds in Hong Kong with a focus on investments in blockchain technology and staking. At the same time, Hong Kong’s largest bank, ZA Bank, began servicing crypto companies.

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Charges against Sun. On March 22, the US Securities and Exchange Commission (SEC) accused Sun of issuing and selling unregistered securities (TRX and BTT tokens), fraud, and market manipulation. The businessman later claimed the lawsuit had minimal impact on his projects.

On April 12, Sun received a subpoena regarding the SEC allegations. If he did not respond within 21 days, the hearing and verdict would take place without his attendance. Sun responded with a veiled plea to ignore the panic-mongering and fake news.

The same month, rumors surfaced that Sun had been stripped of his status as Grenada’s representative to the WTO, but he denied the information. Later, Sun also denied rumors of a buyer search for Huobi. Journalists reported that the offer was rejected by Binance CEO Changpeng Zhao, but he said that he had not had any such talks at all.

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