Standard Chartered-led Anchorpoint Financial has started a limited rollout of HKDAP, its Hong Kong dollar-backed stablecoin, four months after securing one of the city's first two issuer licences. The launch marks a significant step in Hong Kong's efforts to build a regulated stablecoin ecosystem.
The initial rollout will focus on institutional payments and settlement before adding more access channels and cross-border applications. HashKey Exchange and OSL Group joined as authorized distributors, allowing eligible institutions and professional investors to mint and redeem HKDAP tokens through their platforms.
How HKDAP Works
HKDAP stands for Hong Kong dollar at par. The stablecoin is pegged to the Hong Kong dollar and backed by reserves held in accordance with the city's stablecoin regulations. HashKey Exchange said it had already completed its first minting and redemption transaction for the token, including conversions between HKDAP and fiat currency.
Anchorpoint, a joint venture between Standard Chartered, Animoca Brands, and HKT, plans to use distributors and commercial partners to bring the token into payments, settlement, and other financial applications. The venture combines a major bank's regulatory expertise with crypto-native and telecommunications infrastructure.
Hong Kong's Stablecoin Framework
Hong Kong's stablecoin rules took effect on August 1, 2025, requiring issuers to secure a licence and meet capital, reserve, and governance standards. The city passed the legislation in May 2025, nearly two months before the U.S. GENIUS Act was signed into law, placing Hong Kong among the earlier major financial markets to adopt a dedicated stablecoin framework.
The regulatory clarity has given Hong Kong an edge in attracting stablecoin issuers. The combined market cap of all stablecoins is nearly $287 billion globally, and Hong Kong is positioning itself as a hub for non-dollar stablecoins that serve Asian markets.
The Competitive Landscape
HSBC, the other initial licensee, is preparing its stablecoin for the second half of 2026 and could distribute it through PayMe, which has 3.3 million users. The potential for a major bank to distribute a stablecoin to millions of existing users could dramatically expand stablecoin adoption in Hong Kong.
Kraken parent Payward has also expanded its Hong Kong stablecoin operations through a $600 million agreement to acquire Reap Technologies. The growing interest in Hong Kong's stablecoin market reflects the city's unique position as a bridge between traditional finance and crypto innovation.
From Institutional to Retail
Anchorpoint could extend HKDAP to retail users as early as the end of 2026, the firm said. The transition from institutional to retail access would mark a significant milestone for the token, potentially putting a regulated stablecoin in the hands of everyday consumers in one of Asia's most important financial centers.
The launch comes amid a global wave of stablecoin innovation. From Fidelity adding staking to ether ETFs to privacy-focused stablecoins entering the market, the stablecoin ecosystem is evolving rapidly. Hong Kong's regulated approach, with licensed issuers and authorized distributors, could serve as a model for other jurisdictions looking to build their own stablecoin frameworks.
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