Four months after obtaining one of the city’s first two issuer licenses, Standard Chartered-led Anchorpoint Financial has begun a limited rollout of HKDAP, a Hong Kong dollar-backed stablecoin.
Prior to introducing more access channels and cross-border applications, the initial deployment will concentrate on institutional payments and settlement.
According to separate releases, HashKey Exchange and OSL Group became authorized distributors, enabling qualified institutions and professional investors to access HKDAP via their applications and other approved ways.
According to HashKey, the token’s initial minting and redemption transaction, which included conversions between HKDAP and fiat money, was finished.
Anchorpoint, a joint venture between Standard Chartered, Animoca Brands, and HKT, intends to integrate the token into payments, settlement, and other financial applications thru distributors and business partners. “Hong Kong dollar at par” is what HKDAP stands for.
Cryptocurrencies that have their values fixed to an outside benchmark, like conventional money, are known as stablecoins. Stablecoins are frequently utilized to fund cryptocurrency trading, act as payment methods, and promote international financial flows. As of this writing, the total market capitalization of all stablecoins was close to $287 billion.
On August 1, 2025, Hong Kong’s stablecoin regulations went into effect, mandating issuers to get a license and adhere to capital, reserve, and governance requirements. Hong Kong became one of the first major financial markets to adopt a specialized stablecoin framework when it enacted the legislation in May 2025, about two months before the U.S. GENIUS Act was brought into law.
The other first licensee, HSBC, is getting ready to launch its stablecoin in the second half of 2026 and may utilize PayMe, which has 3.3 million users, to distribute it. Payward, the parent company of Kraken, has also increased the scope of its stablecoin activities in Hong Kong by purchasing Reap Technologies for $600 million. Anchorpoint could extend HKDAP to retail users as early as the end of 2026, the firm said.
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