Following the launch of HSBC's RedCoin, Anchorpoint has postponed its retail stablecoin timeline. According to Jinse财经, on October 26, Dominic Maffei, CEO of Anchorpoint—a stablecoin issuer jointly established by Standard Chartered (Hong Kong), Animoca Brands, and Hong Kong Telecom—stated at a press conference that the company still plans to launch the HKD-pegged retail stablecoin HKDAP on a public blockchain, but did not confirm a launch date, nor did it reaffirm its previous target of late 2026. This announcement follows HSBC’s phased rollout of its HKD-pegged stablecoin RedCoin to approximately 3.3 million users via PayMe on October 23. HKDAP is pegged 1:1 to the Hong Kong dollar and is backed by compliant reserve assets; an institutional test version has been available since August for qualified enterprises and professional investors, operating on Ethereum. The retail version is intended to be delivered through licensed distributors via a B2B2C (business-to-business-to-consumer) model, offering custody, fiat conversion, and payment services. Anchorpoint and HSBC received Hong Kong’s first stablecoin issuer licenses in April 2026, with the Stablecoin Ordinance taking effect in August 2025.
Anchorpoint Delays Retail Stablecoin Timeline Following HSBC's RedCoin Launch
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Summary
Anchorpoint, a stablecoin issuer backed by Standard Chartered (Hong Kong), Animoca Brands, and Hong Kong Telecom, has delayed its retail Hong Kong Dollar stablecoin (HKDAP) timeline following HSBC’s RedCoin launch on October 23 via PayMe. CEO Dominic Maffei stated at a press conference on October 26 that the company still intends to offer HKDAP to retail users on a public blockchain but did not specify a launch date or confirm the 2026 target. The token is pegged 1:1 to the Hong Kong Dollar, with a beta version operational since August for qualified businesses and professional investors on Ethereum. Retail access will be provided through licensed distributors using a B2B2C model. Both Anchorpoint and HSBC received stablecoin licenses in April 2026, following the enactment of the Stablecoin Ordinance in August 2025. This announcement comes amid increased on-chain activity in Hong Kong’s stablecoin market.
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