The author of a crypto index in Hong Kong has abandoned USDC in favor of XRP


Financial indexes are numerical scores that help investors keep track of aggregated data on various markets or sectors.

These scores are often weighted according to certain criteria or the relative priority that each index manager assigns to the various assets that make up the index. The same holds true for cryptocurrency indices, which may be useful tools for traders and investors.

Four of the Hong Kong Virtual Asset Consortium’s (HKVAC) cryptocurrency indices were rebalanced on October 13. According to the release, HKVAC made a number of adjustments, including the addition of the XRP token (XRP) and the removal of Circle USD (USDC) from two of them.

The first two indices consist of the five largest digital currencies by market size, and their composition has been altered to reflect XRP’s recent success relative to Circle’s stablecoin.

Bitcoin, Ethereum, and stablecoins are not included in the final index, which is constructed from the top 30 cryptocurrencies by market cap.

Maker and Quant, two lesser-known cryptocurrencies, are placed 33rd and 39th, respectively, in CoinMarketCap’s top 30 crypto index. Hedera’s native token (HBAR) is rated 31st on CoinGecko’s ranking of the 30 largest cryptocurrencies by market cap, which also excludes MKR and QNT tokens.

Financial products based on HKVAC’s indices will soon be made available, as announced on the Consortium’s website. It also has the regulatory compliance and security of the Hong Kong market for virtual assets in mind.

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