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Hong Kong’s rating agency HKVAC announced on Monday that it has added Hedera (HBAR), Maker (MKR), and Quant (QNT) to its key indexes. Moreover, XRP has replaced Circle’s USD Coin (USDC) stablecoin in the top crypto indexes. It removed crypto assets such as Cryptonex, ICP, and HEX from the large market cap indexes.
HKVAC Adds XRP In Top Index Amidst Rebalancing
According to an official announcement on October 13, Hong Kong’s HKVAC revealed the rebalancing results of the HKVAC Key Indexes and HKVAC Market Indexes. It mentions that all changes in indexes will come into effect by October 20.
The world’s top five large cryptocurrency indices are now — BTC, ETH, USDT, BNB, and XRP. The original USDC is replaced by XRP in the HKVAC Cryptocurrency Global Large Top5 Index and the HKVAC Cryptocurrency Global Large Top5 Equal Weight Index.
XRP move to top crypto seems to have come amid recent developments in the U.S. SEC v. Ripple Labs lawsuit. Judge Torres denied SEC’s motion to file an interlocutory appeal, marking another win for the XRP community.
In addition, Hedera and Maker are added to the HKVAC Cryptocurrency Global Large Market Cap Index in place of Cryptonex (CNX) and Internet Computer (ICP). The total number of constituents will remain unchanged at 30.
The changes in the HKVAC Cryptocurrency Large Market Cap Index are adding Hedera, Maker, and Quant. It removed Cryptonex, Internet Computer, and HEX from the index. Meanwhile, there are no changes in other global large top 10 indexes.
Hong Kong Digital Assets Market Grabbing Attention
The launch of HKVAC index amid a major push for the global digital asset industry made significant buzz. Binance CEO Changpeng “CZ” Zhao is excited by recent developments. He wrote, “HK moving forward.”
HKVAC issued virtual asset index includes WBTC, BTCB, stETH, BCH, LTC, BNB, MATIC, ADA, ATOM, FIL, NEAR, ALGO, ICP, XRP, DOGE, DOT, WTRX, SHIB, TRX, LINK, LEO, XMR, XLM, OKB, LDO, HBAR, VET, QNT, FTM, EOS.
Hong Kong’s institutional and retail landscape for growing and grabbing attention amid rising regulatory scrutiny in other countries.
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