The world now has its first stablecoin pegged to the Hong Kong Dollar (HKD) known as Sparkdex.HKD, claims its creator Bitspark.

Bitspark is a Hong Kong-based company that also claims to be the world’s first bankless money transfer ecosystem. Cointelegraph noted that Bitspark’s business model is based on having stablecoins as its medium of value transfer. Sparkdex is Bitspark’s decentralized exchange.

Hong Kong fintech media reported (Jan 29) that the new Sparkdex.HKD stablecoin is tied to Bitspark’s reserves of physical HKD, and will be regularly audited locally in a quarterly report given to the public. Sparkdex.HKD has been listed on Sparkdex since October 31, 2018.

Bitspark CEO George Harrap was quoted as saying stablecoins pegged to the fiat US Dollar have been common till now, but anticipates that Sparkdex.HKD will “lead the way for much-needed diversity among other currencies within the stablecoin sector”.

Stablecoins have been growing in prominence. they reportedly grew “exponentially” in the last half of 2018 as several major crypto exchanges rushed to have them onboard. Just last week, USD-pegged Tether (USDT), the first major stablecoin of stablecoins, surpassed EOS to become the fourth-largest cryptocurrency by market capitalization, growing to over $2 billion.