Anchorpoint's HKDAP stablecoin goes live on Ethereum after HKMA authorization and sandbox testing. HashKey processes first minting. Institutional payments, tokenized settlement target corporate users.
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Anchorpoint Financial launched the HKDAP stablecoin, a Hong Kong dollar-pegged token now operational for institutional settlement and payment rails, the company said. HashKey Exchange processed the first creation-and-redemption cycle, confirming the token works across Ethereum's mainnet.
Each HKDAP token maintains a 1:1 backing against the Hong Kong dollar, with reserves held under rules set by the Hong Kong Monetary Authority. Anchorpoint is distributing the token through licensed partners rather than offering it directly to retail users. Those partners handle minting, redemption, payment processing, and fiat conversion for corporate clients.
The launch follows a year of regulatory groundwork. Hong Kong's Stablecoins Ordinance took effect on Aug. 1, 2025, creating a licensing regime for fiat-collateralized digital currencies. Anchorpoint filed its license application the same day. In April 2026, the HKMA granted issuer authorization to both Anchorpoint and HSBC. Anchorpoint had previously tested the HKDAP design inside the HKMA's stablecoin regulatory sandbox.
Anchorpoint was formed in February 2025 by Standard Chartered, HKT, and Animoca Brands. Standard Chartered supplies the banking layer for Hong Kong dollar deposits and settlement. HKT provides payment processing and telecommunications infrastructure. Animoca Brands contributes blockchain experience from its digital finance businesses.
During May 2026, Anchorpoint ran a full-cycle simulation on Ethereum's mainnet. Standard Chartered processed the initial fiat deposit. Anchorpoint minted matching tokens. Participants including OSL Group and PantherTrade transmitted HKDAP across the Ethereum network, then redeemed them through standard banking procedures. The simulation covered funding, reserve management, token generation, blockchain transfer, and redemption. OSL Group and entities backed by Futu took part in earlier preparation work, though those tests did not use live funds, Anchorpoint said.
The August deployment moves HKDAP from technical validation to commercial availability for licensed financial institutions. The token is positioned for international payments, trade finance, and settlement of tokenized physical assets. Licensed distributors can offer HKDAP-to-fiat exchange for corporate entities and qualified professional investors.
Anchorpoint has not specified when or whether the token will support retail users. The current distribution model keeps access within the company's regulatory authorization while allowing functional business applications. The HKMA framework addresses reserve holdings, redemption procedures, oversight, risk management, and anti-money-laundering standards.
The launch gives Hong Kong a regulated, institutionally focused stablecoin in a market where several projects have vied for first-mover status under the new ordinance. HSBC, which received its issuer authorization at the same time as Anchorpoint, has not announced a launch date for its own Hong Kong dollar stablecoin.
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