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Standard Chartered-backed Anchorpoint eyes August HKDAP stablecoin rollout

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Standard Chartered-backed Anchorpoint eyes August HKDAP stablecoin rollout

2026-08-03 09:09 UTCBy AlphaScala Research DeskSource reporting: Crypto newsEditorial standards1 views

Standard Chartered-backed Anchorpoint eyes August HKDAP stablecoin rollout

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Anchorpoint Financial pushes HKDAP stablecoin launch to August, with the token backed 1:1 by HK dollar reserves and distribution through B2B2C partners.

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Anchorpoint Financial, the Standard Chartered-backed stablecoin issuer, has pushed the public rollout of its Hong Kong dollar token HKDAP into August after missing earlier internal targets for the second quarter and the end of July.

Mary Huen, Standard Chartered's chief executive for Hong Kong, Greater China and North Asia, told the Hong Kong Economic Journal that an announcement related to HKDAP is expected within August. Huen added that work on the licensed stablecoin has continued since Anchorpoint received its issuer license from the Hong Kong Monetary Authority in April.

Anchorpoint, backed by Standard Chartered (Hong Kong), HKT and Animoca Brands, was one of the first two companies to receive a stablecoin issuer license under Hong Kong's Stablecoins Ordinance. The delayed rollout follows earlier local media reports that the project would be announced before the end of July.

Huen said development has continued in the months since regulatory approval, despite the launch taking longer than initially anticipated. Anchorpoint has been testing public blockchain infrastructure to support use cases beyond basic issuance, with cross-border payments among the priorities, the report said.

Traditional payment systems are not available around the clock and often carry higher costs, which leaves businesses facing practical hurdles in international settlements, Huen said. The stablecoin is meant to provide another settlement option for enterprises operating across borders.

Anchorpoint has said HKDAP will be issued in phases under Hong Kong's licensing framework. Each token will be backed one-to-one by Hong Kong dollar reserves held in segregated accounts, consistent with HKMA reserve requirements for fiat-referenced stablecoins.

In May, Anchorpoint completed an Ethereum mainnet transfer test alongside licensed virtual asset platform OSL Group and trading platform PantherTrade. Participants in the trial said the transaction demonstrated the complete issuance-to-settlement flow using production-ready infrastructure rather than a regulatory sandbox.

The latest report also details how HKDAP will reach users after issuance. Anchorpoint will follow a business-to-business-to-consumer distribution model rather than selling directly to retail customers. The issuer will appoint recognized distributors, which will then offer the stablecoin to their own corporate and institutional clients.

The intended customer base spans small and medium-sized enterprises, traders, service providers, fund companies and individual users. Cross-border settlement is the primary application, with tokenized assets another intended use case.

Huen said distributor agreements will be signed after Anchorpoint formally announces the stablecoin launch. Market reports have previously identified OSL Group and HashKey Exchange as potential early distributors; both operate licensed virtual asset trading platforms in Hong Kong. Huen did not confirm those reports, saying Anchorpoint itself will announce the distributor list when ready, after which participating firms will introduce their planned applications.

Testing on public blockchain networks has been progressing to expand how HKDAP can be used, particularly for cross-border transactions, Huen said. Earlier statements from Anchorpoint said deploying the stablecoin on Ethereum would allow interoperability with existing wallets and exchanges, including decentralized finance applications, while remaining subject to Hong Kong's regulatory requirements. The May mainnet trial formed part of those preparations before commercial issuance.

Hong Kong's Stablecoins Ordinance requires issuers of fiat-referenced stablecoins to obtain approval from the HKMA and comply with reserve and disclosure requirements, including those covering customer assets. Before the first licenses were granted, Bloomberg reported that regulators had received interest from dozens of prospective applicants. The plan was to issue only a limited number of approvals in the initial round. Anchorpoint secured one of those licenses in April alongside HSBC.

Activity around Hong Kong's regulated stablecoin market has extended beyond banking. In May, Kraken agreed to acquire Reap Technologies, a Hong Kong-based payments company, for $600 million. Reap builds stablecoin-powered infrastructure for cross-border business payments, corporate cards and settlement services, describing stablecoins as a way to cut payment costs and remove intermediaries in international transactions.