IDA bags $46.8m funding to launch first fiat-referenced stablecoin

The firm anticipates mainnet launch before year-end.

Digital asset firm IDA has raised $46.8m in a seed funding round to develop and launch its first fiat-referenced stablecoin, HKDA, which will be regulated in Hong Kong.

With the global stablecoin market currently valued at $1.3t, IDA CEO Lawrence Chu expects it to exceed $23t within five years. 

The round was led by CMCC Global’s Titan Fund and Hashed, with participation from Hack VC, Anagram, GSR, Protagonist, Brinc, Chorus One, Kinetic, SNZ, Yolo Investments, and Solana co-founder and angel investor Raj Gokal.

IDA is working closely with the Hong Kong Monetary Authority, the Financial Services and the Treasury Bureau, and local partners to issue the stablecoin.

In addition to the funding, blockchain platforms Solana, Polygon, Aptos, and Mantra have partnered with IDA to support HKDA’s interoperability and liquidity.

HKDA will head onto testnet later this year, with a full mainnet launch anticipated before year-end and regulatory clarity expected by early 2025. IDA plans to start in Hong Kong before expanding to other US$-pegged economies, targeting markets along the Belt and Road and Global South initiatives.