Anchorpoint Introduces HKDAP Stablecoin for Institutional Users in Hong Kong

Phased Rollout of HKDAP Stablecoin Begins

Anchorpoint, supported by Standard Chartered, has initiated the phased launch of its HKDAP stablecoin, pegged to the Hong Kong dollar. This rollout targets institutional distributors and professional investors to facilitate payments, fiat conversions, and tokenized asset settlements.

Launch Focus on Institutional Users

The HKDAP stablecoin is being introduced exclusively through selected distributors across the financial and payments sectors, with HashKey Exchange joining as a distribution partner. The exchange successfully executed its first HKDAP minting and redemption as part of this rollout.

Initial Applications and Market Interest

Anchorpoint’s strategy includes focusing on cross-border payments and the settlement of tokenized real-world assets. Authorized distributors will provide HKDAP-to-fiat conversion services for institutional users. CEO Dominic Maffei noted significant market interest, expressing enthusiasm about further adoption and commercial applications of the token.

License and Regulatory Framework

The stablecoin received an issuer license from the Hong Kong Monetary Authority (HKMA) in April, positioning Anchorpoint alongside HSBC as one of the first licensed issuers under Hong Kong’s new regulatory framework. This licensing allows the program to adhere to the stipulations outlined in the Stablecoins Ordinance, which governs issuance standards and reserve asset requirements.

Testing on Ethereum Network

Prior to the beta launch, Anchorpoint tested HKDAP’s transaction processes on the Ethereum Mainnet with OSL Group. The testing involved processing Hong Kong dollar funds through Standard Chartered’s banking infrastructure before minting and redeeming HKDAP tokens. This testing phase demonstrated how traditional banking systems could effectively interact with blockchain settlements.

Strong Regulatory Support

Anchorpoint’s rollout aligns with broader regulatory efforts in Hong Kong, where the HKMA has been establishing frameworks for digital assets and stablecoins. The government aims to foster innovations in the financial sector while ensuring adherence to regulatory standards. The first licensed stablecoins are anticipated to become operational later in 2026, according to government announcements.