First Hong Kong Stablecoin Is Live But Retail Cannot Touch It Yet
Hong Kong's first regulated Hong Kong dollar stablecoin went live on Wednesday. Almost nobody is allowed to hold it.
Anchorpoint Financial opened HKDAP to institutions, corporate clients and professional investors on Aug. 12. Retail buyers are not part of this phase.
Two Licences, 36 Applicants
The Hong Kong Monetary Authority (HKMA) took 36 applications before its window closed in September 2025. It approved two. HSBC holds one. Anchorpoint holds the other, licence FRS01.
Anchorpoint is a subsidiary of Standard Chartered Bank (Hong Kong). HKT and Animoca Brands are its venture partners. HashKey Exchange and OSL Group handle distribution.
Beijing bars yuan-pegged stablecoins abroad. An HKD token is therefore the only kind Hong Kong can license. Both winners are building Hong Kong's stablecoin race around the local dollar.
Why Retail Has to Wait
The city's Stablecoins Ordinance sets a high bar. Issuers need HK$25 million (about $3.2 million) in paid-up capital. Reserves must sit apart from company money. Holders redeem at face value within one business day and earn no interest.
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