Source: Media Outreach
HONG KONG SAR – Media OutReach – 6 April 2023 – Today, IX Asia Indexes Company Limited (“IX Asia Indexes”) announced the launch of ixCrypto Stable Coin Index.
The ixCrypto Stable Coin Index is launched to complement with the IX Digital Asset Industry Classification System (“DAICS® “) which was published in September 2022. DAICS® covers both cryptocurrencies and asset-backed tokens. On cryptocurrencies side, there is a three-tier system: Tier 1: Industries, Tier 2: Sectors, Tier 3: Sub-sectors that groups cryptocurrencies into 5 main industries and 12 sectors1.
The payment industry is the most heavily weighted of the 5 industries under the Cryptocurrencies Category of DAICS®. Stable coin being one of the sectors in the payment industry, is defined as cryptocurrencies where price is pegged to a / a basket of reference asset. IX Asia Indexes launches ixCrypto Stable Coin Index to (1) provide an effective way to monitor stable coins’ stability via facilitate market benchmark and (2) to provide a possibility for creation of financial product in the future that can hedge against stable coins’ instability risk.
The ixCrypto Stable Coin Index will be composed of stable coins that was excluded in the ixCrypto Index (“IXCI”) and fall under the definition of DAICS®. The selection will be based on the market capitalization in the past 90 days. The maximum weighting of each index constituent will be capped at 40%. The index’s inaugural launch comprises 4 index constituents, and Tether has the highest weight (For more details on weight adjustment, please refer to Appendix 1). For further information about DAICS®, please visit https://ix-index.com/daics.html .
The index will be available daily on the official website https://ix-index.com 7 x 24 at every 5-second interval.
1 as at 7 March 2023
Appendix 1
Weightings of the Constituents of ixCrypto Stable Coin Index
| Stable Coin< > | Weighting within DAICS® (%)< > | Pre-adjusted Weighting (%) | Weighting after 40% cap (%)< > |
| Tether< > | 7.53%< > | 55.59%< > | 40.00%< > |
| USD Coin< > | 4.81%< > | 33.85%< > | 40.00%< > |
| Binance USD< > | 1.74%< > | 6.53%< > | 12.38%< > |
| Dai< > | 0.63%< > | 4.03%< > | 7.62%< > |
| Total< > | 14.71%< > | 100%< > | 100%< > |
< >*As at 7th March, 2023, selection based on market capitalization and trading volume over the past 90 days. As at March 7, 2023, the 50 industry coins in the DAICS® represent 93.6% of the total market capitalization (excluding Wrapped Bitcoin coins and Terra Classic coins).
Hashtag: #IXAsiaIndexes
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