Hong Kong completed its central bank digital currency (CBDC) prototype, Project Aurum. It was a little different from other retail CBDC projects because it included both a bank-intermediated CBDC token and a CBDC-backed stablecoin.
The reason for trialing a stablecoin is because it digitally mirrors Hong Kong’s cash system in which three commercial banks issue paper money notes backed by central bank reserves.
The e-HKD initiative involved the Hong Kong Monetary Authority (HKMA), and the BIS Innovation Hub with technical support from the Hong Kong Applied Science and Technology Research Institute (ASTRI).
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