Anchorpoint Financial, a joint venture backed by Standard Chartered and HKT, has started phase 1 of its HKDAP stablecoin rollout under HKMA license for institutional payments.
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Anchorpoint Financial has started the first phase of its HKDAP stablecoin rollout, putting a regulated Hong Kong dollar-pegged token into institutional hands for payments and settlement.
HKDAP, short for Hong Kong Dollar At Par, is one of the first stablecoins issued under Hong Kong's Stablecoins Ordinance. The HKMA granted Anchorpoint a license (FRS01) on April 10, 2026, making it one of the first two firms to clear that bar.
Anchorpoint was formed in February 2025 by Standard Chartered Bank (Hong Kong) and telecom giant HKT, together with Web3 investment firm Animoca Brands. The business model is B2B2C. Instead of selling tokens directly to retail users, Anchorpoint distributes HKDAP through authorized partners for payments and trade finance, along with tokenized asset settlement.
Standard Chartered executives have said the bank sees HKDAP as infrastructure for transforming settlement, particularly across Asia's cross-border trade corridors.
Each HKDAP token is pegged 1:1 to Hong Kong dollar reserves held in segregated accounts, compliant with HKMA rules.
Full operational testing wrapped up on the Ethereum mainnet in May 2026. The tests covered the complete lifecycle: minting and transferring tokens, then redeeming them. OSL Group and Futu Holdings participated.
As of May 2026, no HKDAP tokens were in public circulation. The phase 1 rollout now underway marks the first time the token is being used in live institutional transactions. The launch timeline slipped from an original Q2 2026 target to August 2026.
The Stablecoins Ordinance took effect on August 1, 2025, establishing one of the world's most explicit licensing regimes for fiat-backed stablecoin issuers. The launch comes as regulators worldwide tighten stablecoin rules. Mastercard recently tested a single-audit compliance tool for stablecoins, signaling a push for standardized oversight.
Cross-border payments and trade finance are the initial use cases Anchorpoint is targeting. For Animoca Brands, the involvement represents a different play than its usual gaming and metaverse investments. For HKT, its telecom network provides potential touchpoints for the B2B2C model to eventually reach smaller businesses.
The rollout gives Hong Kong a regulated alternative to non-HKMA licensed stablecoins like USDT and USDC, which are widely used but not covered by the ordinance.
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