Crypto▲ Bullish
Hong Kong stablecoin launch slips to August — 3 firms behind HKDAP
Standard Chartered, HKT, and Animoca Brands' HKDAP stablecoin has cleared HKMA licensing and testing but the public launch is delayed to August 2026.
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Three heavyweights from banking, telecom, and Web3 have teamed up to issue what amounts to a digital Hong Kong dollar. Standard Chartered's Hong Kong arm, telecom giant HKT, and gaming-and-metaverse conglomerate Animoca Brands created a joint venture called Anchorpoint Financial Limited, which received a stablecoin issuer licence from the Hong Kong Monetary Authority on April 10, 2026.
The product, called HKDAP (short for "HKD At Par"), will be fully backed 1:1 by liquid Hong Kong dollar reserves held in segregated accounts. It's one of only two stablecoin licences the HKMA has granted so far.
HKDAP's initial audience is institutional. Anchorpoint plans to use a B2B2C distribution model, meaning it will sell HKDAP to businesses and platforms that then pass it along to their own customers. Licensed exchanges OSL and HashKey have already been involved in testing, serving as the probable first on-ramps for trading and settlement.
Public blockchain testing wrapped up on May 13, 2026, with full redemption cycles completed during that phase.