Crypto▲ Bullish
Standard Chartered-Backed Stablecoin HKDAP Nears July Launch
Standard Chartered and Anchorpoint are set to announce HKDAP, a Hong Kong dollar stablecoin, within two weeks. The launch follows HKMA licensing and an Ethereum test.
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Standard Chartered Bank (Hong Kong) and its joint venture Anchorpoint are expected to announce the rollout of HKDAP, a Hong Kong dollar-pegged stablecoin, within the next two weeks, local media reported, citing market sources.
If confirmed, the announcement would move the project from regulatory approval into public issuance after months of technical preparation. Anchorpoint was one of the first two companies to receive a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA) in April.
Anchorpoint is a joint venture backed by Standard Chartered Bank (Hong Kong), HKT and Animoca Brands. When the HKMA granted its first batch of stablecoin issuer licenses, Anchorpoint said it planned to begin issuing HKDAP in phases during the second quarter of 2026 under Hong Kong's Stablecoins Ordinance.
Every HKDAP token will be backed one-to-one by high-quality Hong Kong dollar reserves held in segregated accounts, following the reserve and disclosure requirements laid out by the HKMA for fiat-referenced stablecoins, according to Anchorpoint's earlier announcement. The company also said HKDAP would follow a business-to-business-to-consumer rollout model before expanding to wider use.