Anchorpoint’s HKDAP kicks off Hong Kong stablecoin launch under new rules
Hong Kong just got a new player in its young but fast-moving digital currency scene, and it comes with a familiar name attached. Standard Chartered-led Anchorpoint Financial has begun rolling out HKDAP, a Hong Kong dollar-backed stablecoin, marking one of the most closely watched moments yet in the broader Hong Kong stablecoin launch wave that regulators set in motion last year. The rollout, still limited to institutional players for now, arrives four months after Anchorpoint secured one of the city’s first two stablecoin issuer licenses.
Key takeaways
- Anchorpoint Financial, backed by Standard Chartered, Animoca Brands and HKT, has launched HKDAP, a Hong Kong dollar-pegged stablecoin, in a limited institutional rollout.
- HashKey Exchange and OSL Group are the authorized distributors, and HashKey has already completed the first minting and redemption transaction converting HKDAP into fiat.
- Hong Kong’s stablecoin licensing regime took effect on August 1, 2025, after lawmakers passed the underlying legislation in May 2025, ahead of the U.S. GENIUS Act.
- HSBC holds the other initial license and is expected to distribute its own stablecoin through PayMe in the second half of 2026.
- Anchorpoint says HKDAP could reach retail users by the end of 2026, once the institutional phase matures.
Anchorpoint launches HKDAP, Hong Kong’s dollar-backed stablecoin
HKDAP — short for “Hong Kong dollar at par” — is now live, though access is still restricted to institutions and professional investors while the system beds in. This cautious approach reflects how Hong Kong regulators want stablecoins to prove themselves in controlled settings before opening the door wider.
… Continue reading the full article at the original source below.
