Chinese crypto mogul Li Xiaolai will lead a new stablecoin project within Grandshores Technology. The Hong Kong-listed company, which recently switched from real estate to blockchain investment, announced on Monday that it had appointed Li as executive director and co-CEO of the company. At his new position, the billionaire investor will head the development of the planned “stable digital currency system,” which will be focused on global mainstream currencies.

Grandshores Technologies’ chairman and executive director, Yongjie Yao, revealed plans in September to raise the equivalent of about $12.7 million through a digital token fund and use the proceeds for three fiat-pegged stablecoins, with the first to be based…

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