According to ChainCatcher, the Hong Kong digital asset company IDA has announced a strategic partnership with the Japanese banking group Progmat, blockchain company Datachain, and cross-chain infrastructure provider TOKI FZCO to jointly develop a Proof of Concept (PoC) for cross-border applications based on stablecoins between Hong Kong and Japan. It is reported that the relevant stablecoins will be used under Hong Kong's regulatory compliance requirements, denominated in Japanese yen and Hong Kong dollars. Previously, IDA had collaborated with the Bank of East Asia to explore the feasibility of widespread digital financial adoption through a 1:1 Hong Kong dollar-pegged stablecoin.