Is HKDAP the savior of Hong Kong finance? Hardly. It is a gated stablecoin for the chosen few. No peasants allowed yet. They are using OSL for the heavy lifting and keeping it strictly on Ethereum for now. The reliance on legacy banking rails for fiat-to-crypto conversion makes this look like a glorified database with a fancy wrapper. Rain is coming. If this infrastructure actually manages to settle trades in 24 hours, the banks will love it. If it fails, they will blame the tech and move on to the next grift. It is a play for control, not efficiency. We are watching the institutional takeover of the ledger, and it is honestly exhausting to witness in real-time.
@cryptotimecapsule
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1August 12, 2026 4.6K
