The Hong Kong Virtual Asset Consortium (HKVAC) has added XRP, Hedera, Maker and Quant to its benchmark crypto asset indexes during the latest rebalancing.
The changes take effect on October 20 and see XRP replacing stablecoin USD Coin in the key indexes.
Tracking Top Cryptocurrencies
HKVAC’s indexes provide standardized performance tracking of leading cryptocurrencies for investors. The latest additions expand coverage to high-profile altcoins with substantial market presence.
XRP in particular has seen resurgent interest recently with a string of wins in its legal battle with the SEC.
Updating Market Index Membership
Within the Global Large Market Cap index, underperformers Hex and Internet Computer were removed and replaced by Hedera and Maker.
For the Large Market Cap Index, Quant also replaced Hex. Stellar and Monero were among major coins retained during the fall rebalance.
Adding XRP to Top 10 Indexes
For HKVAC’s flagship Cryptocurrency Global Large Top 10 indexes, XRP replaced USD Coin as the only adjustment, cementing XRP’s status as a top 10 crypto asset.
The Equal Weighted version of the Top 10 index saw the same swap from stablecoin to XRP.
Ongoing Index Expansion
HKVAC continues working to expand its index suite originally launched in 2018. The consortium released an updated index methodology in 2020 aligned with IOSCO principles.
This latest rebalance illustrates HKVAC’s goal of providing the most representative benchmarks of the cryptocurrency market as it evolves.
