Crypto▲ Bullish
Hong Kong's HKDAP Stablecoin Eyes July 31 Debut
HKDAP, a regulated Hong Kong dollar stablecoin from Standard Chartered and HKT, targets July 31 launch. It enters a $310B market dominated by USDT, with HSBC planning its own token.
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A Hong Kong dollar stablecoin backed by Standard Chartered Bank (Hong Kong) and telecommunications firm HKT could begin trading as soon as July 31, 2026, according to the Hong Kong Economic Journal. The token, called HKDAP or HKD At Par, would become one of the first regulated stablecoins pegged to a currency other than the US dollar.
The issuer is Anchorpoint Financial Limited, a joint venture that includes Standard Chartered Bank (Hong Kong) and HKT, with Web3 firm Animoca Brands also participating. The Hong Kong Monetary Authority granted Anchorpoint a stablecoin issuer licence on April 10, 2026, under the Stablecoins Ordinance that took effect on August 1, 2025.
HKDAP enters a market dominated by US dollar-pegged tokens. DefiLlama data shows Tether (USDT) accounts for roughly 59% of the approximately $310 billion stablecoin market, and USD Coin makes up about 24%. Non-dollar stablecoins represent a tiny slice.
Anchorpoint plans a phased rollout starting late this year, using a business-to-business-to-consumer distribution model. Instead of marketing directly to retail users, the venture will work with partner companies that integrate the token into payment, settlement, and tokenized-asset services, Standard Chartered said.