PANews reported on May 13 that OSL Group (863.HK), a global compliant stablecoin payment and trading platform, announced today that it has completed a transfer test on the Ethereum mainnet using the Hong Kong dollar stablecoin HKDAP (“HKD At Par”) with Dingdian Financial Technology Co., Ltd., a Hong Kong-licensed stablecoin issuer. HKDAP is expected to be issued in phases by the end of the second quarter of this year.

This test covered the process of converting fiat Hong Kong dollar funds into reserve assets, minting, and transferring HKDAP. Standard Chartered Bank's robust infrastructure and institutional trust services ensured that all minted and transferred HKDAP was 100% fully guaranteed by reserve assets. All HKDAP was redeemed after the transfer test was completed. Following the success of this transfer test, OSL will continue to support the preparatory work of Dingdian Financial and its ecosystem partners, and will leverage its strengths in distribution, liquidity, and digital asset compliance payment infrastructure, combined with Dingdian Financial's bank-grade infrastructure, to develop a robust and regulated Hong Kong dollar stablecoin and digital asset ecosystem.

Kevin Cui, Executive Director and CEO of OSL Group, stated, “This HKDAP transaction test aligns perfectly with OSL’s mission of ‘making money flow as freely as information.’ We have established a robust stablecoin trading infrastructure, including OSL StableHub supporting seamless stablecoin and forex trading, OSL BizPay, a B2B cross-border payment solution, and Banxa, a stablecoin deposit and withdrawal gateway. This systematic product portfolio brings Asia’s leading liquidity and distribution capabilities to the market, providing better services to OSL’s customers and partners and driving the development of a sustainable and vibrant stablecoin ecosystem.”