Anchorpoint has begun a controlled, institutional rollout of HKDAP, a Hong Kong dollar–pegged stablecoin, opening beta access to authorized distributors and professional investors for payments, fiat conversion and tokenized-asset settlement. What’s launching - HKDAP (“HKD At Par”) is designed to hold a 1:1 peg with the Hong Kong dollar and will be backed by eligible, high-quality HKD reserve assets to meet the city’s stablecoin rules. - Anchorpoint is phasing the release rather than going straight to the public. The initial focus is on cross-border payments and the settlement and distribution of tokenized real-world assets, with selected distributors handling minting, redemption and HKDAP–fiat conversion for institutional and corporate users. Why this matters - The rollout follows Anchorpoint’s licensing approval from the Hong Kong Monetary Authority in April 2026 — one of the first two stablecoin issuer authorizations granted after the HKMA received 36 applications. - By onboarding regulated distributors and exchange partners, Anchorpoint aims to combine traditional banking rails with on-chain settlement in a supervised framework, reducing operational and compliance risk for institutional users. Partners and pilots - HashKey Exchange, Hong Kong’s largest licensed digital asset exchange, is a distribution partner and completed the first HKDAP mint and redemption as part of the initial release. - Earlier live testing in May used Ethereum Mainnet with OSL Group and PantherTrade. Those trials moved HKD funds through Standard Chartered’s banking infrastructure into reserve assets, minted HKDAP on-chain, transferred tokens on Ethereum and then redeemed them — testing the full fiat-to-token lifecycle under regulated controls. Anchorpoint’s backers and history - Anchorpoint is a joint venture formed by Standard Chartered, HKT and Animoca Brands. The collaboration began in Hong Kong’s 2024 stablecoin issuer sandbox and formally established Anchorpoint Financial in February 2025. - The company submitted its license application on Aug. 1, 2025 — the same day Hong Kong’s Stablecoins Ordinance took effect — and received regulatory approval the following April. - The project blends Standard Chartered’s banking infrastructure, HKT’s payments and telecom experience, and Animoca Brands’ Web3 expertise. Regulatory context - Hong Kong’s Stablecoins Ordinance (effective Aug. 1, 2025) created a licensing regime that requires issuers of fiat-referenced stablecoins to meet strict rules on reserves, redemption, governance, risk management and AML controls. - The HKMA has also been actively exploring tokenized financial markets: it set up a tokenized bond expert group in June involving major banks and digital-asset firms after Hong Kong issued over HK$6.8 billion in tokenized government bonds across several offerings. - Regulators have warned investors about counterfeit tokens using licensed issuers’ names during the rollout period. Anchorpoint’s outlook CEO Dominic Maffei said the company has seen strong market interest and will work with partners to expand HKDAP’s commercial applications and foster adoption within Hong Kong’s digital-asset ecosystem. Key takeaways - HKDAP enters controlled distribution for institutions, focusing on payments and tokenized real-world assets. - The token is 1:1 with HKD and backed by eligible reserve assets under Hong Kong’s licensed regime. - The rollout leverages regulated distributors and exchanges, with live Ethereum mainnet tests validating the end-to-end fiat-to-token lifecycle. - Anchorpoint’s launch is a milestone in Hong Kong’s broader push to integrate tokenized finance under a supervised framework. This phased, institution-first approach positions HKDAP as a regulated bridge between traditional banking infrastructure and on-chain settlement, aligning with Hong Kong’s wider push to develop tokenized financial markets.
Anchorpoint Launches Institutional Beta of HKDAP, HKD-Pegged Stablecoin Under HKMA License
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Summary
Anchorpoint has launched the institutional beta of HKDAP, a stablecoin pegged to the Hong Kong dollar and licensed by the HKMA. The stablecoin is backed by high-quality HKD reserves and is being distributed to authorized partners for cross-border payments and tokenized-asset settlement. HashKey Exchange, a major player in digital asset news, led the first mint and redemption. The project is a collaboration between Standard Chartered, HKT, and Animoca Brands, and follows the enactment of Hong Kong’s Stablecoins Ordinance in August 2025. Institutional adoption is a key focus as the stablecoin expands its reach.
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