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Hong Kong’s crypto index creator ditches USDC to onboard XRP

Hong Kong's crypto index creator ditches USDC to onboard XRP

Financial indexes are numeric scores that assist investors in following consolidated data on different markets or sectors, usually weighted by specific rules or the importance each index manager sees for each asset composing its basket. 

This is the same for cryptocurrency indexes, which can help crypto traders and investors in decision-making.

On October 13, the Hong Kong Virtual Asset Consortium (HKVAC) announced a rebalancing in four of its crypto indexes. According to the announcement, HKVAC added the XRP token (XRP) and removed Circle USD (USDC) from two of them, along with other changes, as follows:

  • HKVAC Cryptocurrency Global Large Top5 Index
    • Add: XRP
    • Remove: USDC
  • HKVAC Cryptocurrency Global Large Top5 Equal Weight Index
    • Add: XRP
    • Remove: USDC
  • HKVAC Cryptocurrency Global Large Market Cap Index
    • Add: Hedera (HBAR) and Maker (MKR).
    • Remove: Cryptonex (CNX) and Internet Computer Protocol (ICP)
  • HKVAC Cryptocurrency Large Market Cap Index (Ex-BTC, ETH & Stablecoin)
    • Add: HBAR, MKR and Quant (QNT)
    • Remove: CNX, ICP, and Hex (HEX)
Hong Kong Virtual Asset Consortium's top 5 crypto index changes
Hong Kong Virtual Asset Consortium’s top 5 crypto index changes. Source: HKVAC

HKVAC crypto indexes composition

Additionally, the first two indexes are made of the top five cryptocurrencies by market capitalization, with the changes mirroring the recent performance of XRP against Circle’s stablecoin. These indexes are composed of the following:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether (USDT)
  • BNB Chain (BNB)
  • And now XRP.

The next two indexes are made from the top 30 cryptocurrencies by market cap, but the last one excludes Bitcoin, Ethereum, and stablecoins.

Interestingly, Maker and Quant are not in CoinMarketCap’s top 30 crypto index, ranked 33rd and 39th, respectively. Both MKR and QNT tokens, combined with Hedera’s native token, are also not ranked in CoinGecko’s top 30 crypto index by market cap, with HBAR sitting in the 31st rank.

Per the Consortium’s website, HKVAC plans to soon launch financial products based on its indexes. It also aims to promote Hong Kong as a safe virtual asset market in compliance with regulators.

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