According to Wu, Hong Kong fintech company RD Technologies announced the completion of nearly $40 million in Series A2 financing, led by ZhongAn International, Zhongwan International, Cuilian Investment, and Hivemind Capital, with participation from Sequoia China, Hengjiu Digital Capital, Junshi Investment, and Guotai Junan International Private Equity Fund. RD Technologies stated that it will accelerate the construction of enterprise-level stablecoin infrastructure in anticipation of Hong Kong's official implementation of the stablecoin licensing system on August 1. At the same time, ZhongAn Bank has signed a strategic cooperation memorandum with it to explore the application of stablecoins in compliant financial services. RD Technologies has previously participated in the Hong Kong Monetary Authority's stablecoin sandbox pilot and launched the HKDR stablecoin, which is pegged to the Hong Kong dollar at a 1:1 ratio.