Anchorpoint and Standard Chartered to Launch HKDAP Stablecoin Soon

Anchorpoint and Standard Chartered to Launch HKDAP Stablecoin Soon

Standard Chartered-backed Anchorpoint is poised to announce the launch of its Hong Kong dollar stablecoin, HKDAP, within the next two weeks, according to reports from local media.

Regulatory Approval and Backing

HKDAP was one of the first stablecoins to receive a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA), obtaining this license in April. The stablecoin is designed to maintain a one-to-one peg with Hong Kong dollars, backed by reserves held in segregated accounts. This initiative represents a significant move towards regulated digital payments in Hong Kong.

Phased Rollout and Testing

Anchorpoint plans a phased issuance of HKDAP, aligning with the regulations set by the HKMA for fiat-referenced stablecoins. Prior to the planned launch, Anchorpoint successfully conducted a test on the Ethereum mainnet in May, which proved the functionality of issuing, transferring, and settling the stablecoin on the Ethereum blockchain. This test involved OSL Group and PantherTrade and confirmed that they can operate on production-ready infrastructure.

Technological Foundation and Compliance

A spokesperson stated that the successful Ethereum transaction validated Anchorpoint’s technical architecture and compliance framework ahead of commercial issuance. The decision to deploy HKDAP on Ethereum is aimed at facilitating compatibility with existing wallets and decentralized finance applications, while still adhering to the regulatory standards imposed by Hong Kong’s licensing regime.

Industry Context

The launch of HKDAP illustrates Hong Kong’s commitment to establishing a regulated framework for digital payment assets, as many jurisdictions in Asia move towards formalized stablecoin regulations. With the HKMA’s initiative to issue stablecoin licenses, both Anchorpoint and HSBC have taken significant steps in this space, insisting on full reserve backing and continuous regulatory supervision.