Standard Chartered-Backed HKDAP Stablecoin Opens Beta in Hong Kong

Standard Chartered-backed Anchorpoint has begun the phased rollout of its Hong Kong dollar-backed stablecoin, HKDAP, opening beta access to institutional distributors and professional investors for payments, fiat conversion and tokenized asset settlement.

Anchorpoint said Wednesday that the first phase will focus on cross-border payments and the settlement and distribution of tokenized real-world assets. Authorized distributors will provide HKDAP-to-fiat conversion services for institutions, corporate users and professional investors.

The launch moves HKDAP from testing into controlled distribution after Anchorpoint received one of Hong Kong's first stablecoin issuer licenses from the Hong Kong Monetary Authority in April.

Rather than making HKDAP immediately available to the public, Anchorpoint is introducing the stablecoin through selected distributors and use-case partners across financial and payment markets.

The company said it has signed agreements with authorized distributors that will support access to the token during the phased rollout. Participating firms will handle conversion between HKDAP and fiat currencies, giving approved institutional users a route to mint, redeem and use the stablecoin within the licensed framework.

HashKey Exchange, Hong Kong's largest licensed digital asset exchange, said separately that it has joined the rollout as a distribution partner. The exchange also completed its first HKDAP minting and redemption transaction as part of the initial release.

Anchorpoint CEO Dominic Maffei said the company has received strong market interest and plans to work with its partners on commercial applications for the token.

“We are encouraged by the strong interest we have seen across the market and look forward to working closely with our partners to broaden adoption of HKDAP, enable new commercial applications, and contribute to the continued development of Hong Kong's digital asset ecosystem,” Maffei said.

HKDAP stands for “HKD At Par” and is designed to maintain a one-to-one value with the Hong Kong dollar. Anchorpoint previously said the token would be backed by eligible high-quality Hong Kong dollar reserve assets in accordance with the city's stablecoin requirements.

The institutional rollout follows Anchorpoint's April licensing approval alongside HSBC. The HKMA selected the two bank-backed issuers after receiving 36 applications, making them the first firms authorized under the city's stablecoin licensing system.

Anchorpoint had said after receiving its license that HKDAP would be introduced in phases rather than through a single public launch. The company identified payments, settlement and tokenized financial markets among the initial areas it planned to serve.

Before Wednesday's rollout, Anchorpoint tested HKDAP's transaction process on Ethereum Mainnet with OSL Group in May, covering the path from fiat funding through token issuance and final redemption.

During the exercise, Hong Kong dollar funds moved through Standard Chartered's banking infrastructure into reserve assets before corresponding HKDAP tokens were minted. The stablecoins were then transferred on Ethereum and subsequently redeemed in full, testing the complete transaction cycle.

The Ethereum transfer test also involved PantherTrade, a licensed trading platform backed by Futu Holdings, according to May coverage. Anchorpoint, OSL Group and PantherTrade used the Ethereum mainnet for the transaction, while HKDAP's one-to-one Hong Kong dollar structure was maintained through the test.

The exercise tested more than the movement of a token between blockchain addresses. Fiat funding, reserve handling, minting, on-chain transfers, and redemption were included in the process, allowing the participating firms to test how traditional banking infrastructure could interact with blockchain settlement.

Anchorpoint's decision to focus part of the rollout on tokenized real-world assets also places HKDAP alongside an expanding set of blockchain-based financial products being developed in Hong Kong.

In June, the HKMA established a tokenized bond expert group involving Standard Chartered, HSBC, JPMorgan Securities, UBS, Ant Digital, HashKey Group and other institutions. The group is examining regulatory rules, infrastructure and market practices for tokenized bonds after Hong Kong issued more than HK$6.8 billion ($868 million) of tokenized government bonds across several offerings.

HKDAP is being distributed under Hong Kong's Stablecoins Ordinance, which took effect on Aug. 1, 2025, and established a licensing system for issuers of fiat-referenced stablecoins.

Under the framework, companies issuing covered stablecoins in Hong Kong must obtain authorization from the HKMA. The regime also places requirements on reserve assets, redemption, governance, risk management and anti-money laundering controls.

The licensing system followed a regulatory testing period that began in 2024. Standard Chartered Bank (Hong Kong), Animoca Brands and HKT were among the participants selected for the HKMA's stablecoin issuer sandbox, alongside JD.com subsidiary JINGDONG Coinlink Technology Hong Kong and RD InnoTech.

Standard Chartered, HKT and Animoca later established Anchorpoint as their joint venture for the regulated stablecoin project. Anchorpoint Financial Limited formally submitted its license application on Aug. 1, 2025, the same day the Stablecoins Ordinance entered into force.

The three companies had already been working together on stablecoin use cases through the sandbox. Standard Chartered brought banking infrastructure to the project, while HKT contributed experience in telecommunications and mobile payment services and Animoca Brands provided its digital asset and Web3 expertise.

Hong Kong authorities initially indicated that only a limited number of licenses would be issued during the first stage of the regime. After several months of regulatory review, the HKMA granted the first approvals to HSBC and Anchorpoint in April 2026.

In June, Hong Kong Secretary for Financial Services and the Treasury Christopher Hui told the Legislative Council that the city's first regulated stablecoins were expected to enter circulation between the middle and second half of 2026. The government's launch timetable also included continued HKMA supervision of licensed issuers and requirements covering eligible reserve assets.

Anchorpoint's route to licensed issuance began before Hong Kong's stablecoin law took effect. In July 2024, the HKMA named the Standard Chartered, Animoca Brands and HKT collaboration among the first participants in its stablecoin issuer sandbox, allowing the group to test proposed structures under regulatory supervision.

The companies formally established their joint venture in February 2025 and later named it Anchorpoint Financial. At the time, Standard Chartered Group CEO Bill Winters said tokenized forms of money were becoming part of the bank's work across central bank digital currencies, tokenized deposits and stablecoin projects.

By August 2025, Anchorpoint had submitted its application to the HKMA, with the venture planning to develop a Hong Kong dollar-backed token within the newly effective licensing system.

The regulator's eventual April approval allowed Anchorpoint to proceed with HKDAP under the licensed regime. The company initially planned a phased introduction from the second quarter of 2026, rather than immediate unrestricted distribution.

Regulators also dealt with unauthorized tokens using the names of the newly licensed issuers before their official stablecoins entered circulation. In April, the HKMA warned investors about counterfeit tokens carrying the HSBC and HKDAP names, while both licensed issuers confirmed at the time that they had not yet launched their regulated stablecoins.

Anchorpoint subsequently moved into live testing in May, using Standard Chartered's banking infrastructure to process the Hong Kong dollar funding and reserve side of the HKDAP transaction before tokens were issued and transferred on Ethereum.