Anchorpoint Eyes August Launch for Hong Kong Dollar Stablecoin HKDAP

Anchorpoint Plans August Rollout for HKDAP Stablecoin

Anchorpoint Financial, supported by Standard Chartered, is targeting August for the launch of its Hong Kong dollar stablecoin, known as HKDAP. This announcement comes after the project missed earlier rollout expectations set for the second quarter and the end of July.

Previous Deadlines Missed

Despite the delays, Standard Chartered announced that it will update the public regarding HKDAP’s rollout in August. Anchorpoint revealed that blockchain testing is ongoing, aimed at preparing the stablecoin for use in cross-border payments and tokenized assets.

Distribution Model Set to Launch

The stablecoin will be distributed through approved partners using a business-to-business-to-consumer (B2B2C) model instead of direct issuance to retail end-users. Anchorpoint plans to announce its authorized distributors following the commercial launch of HKDAP.

CEO Insights on Development

Mary Huen, CEO of Standard Chartered for Hong Kong, Greater China, and North Asia, stated that progress on the licensed stablecoin has continued since Anchorpoint obtained its issuer license from the Hong Kong Monetary Authority (HKMA) in April. The focus has remained on developing the stablecoin to tackle challenges faced by businesses in international settlements, including high costs and the unavailability of traditional payment systems.

Technical Preparations and Testing

Anchorpoint has conducted extensive testing on public blockchain networks, which includes a trial of the Ethereum mainnet in May, alongside OSL Group and PantherTrade. This testing validated the operational capabilities of issuance, transfer, and settlement. The upcoming HKDAP will adhere to reserve requirements set by the HKMA, ensuring that each token is backed one-to-one by reserves held in segregated accounts.

Future Applications and Distribution

While cross-border settlements are a primary use case for HKDAP, the stablecoin is also being designed for tokenized asset applications. Anchorpoint’s approach is to sign distributor agreements once the official launch announcement is made.

Hong Kong’s Growing Stablecoin Market

HKDAP stands as one of the pioneering stablecoins under Hong Kong’s regulated issuance framework, moving forward with compliance in light of the Stablecoins Ordinance. As interest in stablecoins increases, the territory is witnessing growth in its regulated stablecoin market beyond banking, highlighted by Kraken’s recent acquisition of Reap Technologies for $600 million, which aims to enhance cross-border payment infrastructure.