HKVAC Ratings Rebalance: XRP Replaces USDC in Top Crypto Indexes

On October 13, Hong Kong’s HKVAC rating agency announced significant changes to its key indexes, including the addition of Hedera (HBAR), Maker (MKR), and Quant (QNT), as well as the replacement of Circle’s USD Coin (USDC) stablecoin with XRP in the top crypto indexes.

The HKVAC Key Indexes and HKVAC Market Indexes underwent rebalancing, and these changes will take effect by October 20. The world’s top five large cryptocurrency indices now consist of BTC, ETH, USDT, BNB, and XRP. XRP has replaced USDC in the HKVAC Cryptocurrency Global Large Top5 Index and HKVAC Cryptocurrency Global Large Top5 Equal Weight Index.

XRP’s move to the top of the crypto rankings appears to be influenced by recent developments in the U.S. SEC v. Ripple Labs lawsuit. Judge Torres’ decision to deny the SEC’s motion for an interlocutory appeal was a victory for the XRP community.

In addition to the addition of XRP, Hedera and Maker were added to the HKVAC Cryptocurrency Global Large Market Cap Index, replacing Cryptonex (CNX) and Internet Computer (ICP). The total number of constituents in the index will remain at 30.

The HKVAC Cryptocurrency Large Market Cap Index now includes Hedera, Maker, and Quant, while Cryptonex, Internet Computer, and HEX have been removed. There are no changes to the other global large top 10 indexes.

The launch of the HKVAC index is part of a significant push for the global digital asset industry. Binance CEO Changpeng “CZ” Zhao has expressed his excitement about the recent developments, stating that “HK is moving forward.”

The HKVAC virtual asset index includes the following cryptocurrencies: 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 digital assets is attracting attention amidst rising regulatory scrutiny in other countries.

HKVAC is a Hong Kong-based rating agency that evaluates and provides ratings for cryptocurrencies and digital assets.

A crypto index is a measurement of the performance of a group of cryptocurrencies. It provides an overview of the overall market trend and can be used for investment and trading strategies.

A stablecoin is a cryptocurrency that is designed to maintain a stable value, typically pegged to a fiat currency such as the US dollar.

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