Asia Pacific Digital Bank (APDB) recently announced the preliminary launch of its stable coin USDA.
KUALA LAMPUR, MALAYSIA / ACCESSWIRE / September 22, 2019 / China’s Central Bank, the People’s Bank of China (PBoC), is planning to introduce its own digital currency, and this news has sent excitement and speculation rippling through the market. The market generally believes that it is PBoC’s response to the rise of stable digital coins, like Libra and other cryptocurrencies. Indeed, Facebook’s plan to launch its own stable coin globally had prompted many powerful institutions to go ahead with their own digital currency plans.
Asia Pacific Digital Bank (APDB) recently announced the preliminary launch of its stable coin USDA, which will be backed by U.S. dollars on a 1:1 ratio. It has been officially listed on BiKi exchange platform for providing support to USDA’s OTC trading service.
According to the official sources, USDA is strategically endorsed by the Wall Street Group. Its mission is to follow the concept of ‘freedom, equality, and sharing’, so that inclusive finance and digital finance can be widely used in the Asia-Pacific, and it would soon become the benchmark asset for the traditional financial world and digital financial world in the Asia-Pacific region.
The stablecoin ecosystem Is the new favorite of the market. Due to the nascency of cryptocurrency markets, volatility has remained a problem for both outside observers and users. In a market where the volatility of cryptocurrencies has reached its extreme point, Stablecoins are a welcome change.
Stablecoins, as a type of cryptocurrency that is pegged on real assets, can solve the problem of volatility and instability typical of traditional cryptocurrencies by providing a stable way to exchange and store values.
On June 18, 2019, the world’s biggest social media platform Facebook, together with 27 other top-tier e-commence companies, payment companies, and companies from other sectors, co-published Libra’s whitepaper. It is preparing to launch a blockchain digital currency supported by several major national legal tenders, and claims to “establish a simple, borderless currency that serves the financial infrastructure of dozens of people”. Once the white paper was released, it immediately created a huge impact on a global scale.
Not many people may have noticed that the USDA, a digital banking financial company that has been known for focusing on the US dollar-denominated currency issuance management in the Asia-Pacific region, is also quietly laying out its plan, while Libra is busy publishing a whitepaper.
“The USDA launched by Asia-Pacific Digital Bank can break through the currency restrictions between different countries and regions. The direct dollar anchor will reduce the exchange loss and process, break the cryptocurrency and the traditional currency sub-wall, and the flow of funds will be freer and more convenient”, the USDA official launch press statement read.
According to the USDA official introduction, The USDA applies the latest blockchain 3.0 technology to ensure the security and stability of the entire currency system, thereby ensuring user rights and benefits, and is applicable to cross-regional and inter-regional financial related payments, transfers, redemptions and settlements in the Asia Pacific and surrounding areas.
As the holder of USDA, Asia Pacific Digital Bank (APDB) is the chief digital bank in the Asia Pacific region. The team consists of its own financial professionals from Wall Street, mainly Morgan Stanley, NASDAQ, Blackstone Fund, German Banks, etc.
As a stable currency, USDA supports exchange and settlement based on different digital currencies and can be used as a currency in various exchanges and cryptocurrency funds. At the same time, the USDA is designed to anchor 1:1 dollar currency, as it is 100% supported by APDB’s $1 billion reserves. The stable currency will make financial operations and asset management more robust and secure.
Cross-Border E-Commerce may become the largest landing scene Of USDA. Although, in the current digital payment field, digital payment platforms that are anchoring fiat currency assets have already provided great convenience and changed the path and ecology of transactions, those are mainly meant for small and medium-sized transaction payments. In cross-regional and inter-disciplinary financial related payments, transfers, redemptions and settlements, especially between different legal currencies, there are certain obstacles due to policies in different regions.
According to industry insiders, cross-border e-commerce is expected to become the largest application landing scene of the USDA. At present, at the payment level, the cost of legal currency exchange and overseas payment is too high, the cross-border shopping transaction fee is high, the background process is cumbersome, and the overall efficiency is too low, which greatly hinders the development of cross-border e-commerce.
“Currently, banks are very inefficient in handling cross-border payment settlement. There are many inefficient operations such as making appointments, counter processing, cash withdrawals, etc. The more foreign suppliers are faced, the more work is repeated, and each transaction needs to be approved at each level. Acting between banks to obtain credit, each transaction subject needs to be independently booked, each currency must be continuously converted, resulting in low efficiency and long payment period,” said a cross-border trader.
At the same time, cross-border trade companies need to pay third-party agencies a 2-3% processing fee, resulting in lower profits. In cross-border settlement, the cost of exchange of foreign currency is extremely high, and it is impossible to obtain a preferential exchange rate, and the information is filled in cumbersomely, and the labor cost is also increased.
This is why when Libra is launched and immediately recognized by many people. Relying on Facebook and its hundreds of large startup companies, the huge user base of about 3 billion people, many market participants believe that Libra will become a huge and far-reaching super-sovereign world currency.
The USDA is supported by blockchain 3.0 technology based on the 1:1 anchorage of dollar asset value. Based on the decentralized operation mode of blockchain, transparent books enhance currency credibility.
The launch of USDA provides great convenience for cross-border payment. It can carry out cross-regional and cross-dimensional financial services in the Asia-Pacific region, breaking the barriers of traditional financial transnational operations, cross-regional transactions, lower investment rates, and simpler operation.
Name: Lydia Lee
Email: Send Email
Organization: Asia Pacific Digital Bank
Address: Asia Pacific Digital Bank, Kuala Lumpur, Kuala Lumpur 50050, Malaysia
SOURCE: Asia Pacific Digital Bank