Although mainland China continues to strictly prohibit cryptocurrency trading, the U.S.-based Solana Foundation has taken a significant step in the region by signing a strategic agreement with Hong Kong-based licensed issuer Anchorpoint Financial Limited.
This partnership will launch the HKDAP stablecoin for retail payments and tokenized assets. It also marks the project’s first direct collaboration with a public blockchain fund.
HKD to Solana: Key Data and Facts
The issuer, Anchorpoint, is a consortium comprising Standard Chartered Bank (Hong Kong), telecommunications provider HKT, and Animoca Brands, and has been granted the FRS01 license by the Hong Kong Monetary Authority (HKMA).
After integrating with Solana, this asset enables instant issuance and redemption, opening a compliant banking channel for retail use cases and real-world asset (RWA) trading.
This partnership is built upon Hong Kong’s Stablecoin Ordinance, which came into effect on August 1, 2025: any issuer of fiat-backed stablecoins must hold a license from the Hong Kong Monetary Authority, maintain fully backed reserves of high-quality liquid assets, and redeem tokens at par value.
Since the Hong Kong dollar maintains a linked exchange rate range of 7.75 to 7.85 against the US dollar, HKDAP effectively functions as another instrument pegged to the US dollar, but its issuance occurs in an independent jurisdiction outside the direct regulatory oversight of the United States.
Reports indicate that Solana’s infrastructure is already prepared for this. According to data from rwa.xyz as of October 30, 2026, the total value of RWAs on the Solana platform amounts to $18.89 billion, with $14.13 billion (approximately 75%) consisting of stablecoins; monthly transaction volume reaches $370.94 billion across 13.56 million addresses.
To strengthen its position, the Solana Foundation is joining the Hong Kong government’s OASES initiative, establishing a local office, and launching the TAP tokenization project in partnership with PwC.
The report suggests that this infrastructure provides a compliant pathway for institutional capital. Meanwhile, mainland China is only testing the digital yuan in state-controlled pilot areas, while Hong Kong offers private enterprises a clearer regulatory framework.
Therefore, Standard Chartered Bank and its partners will gain a fully compliant settlement tool, and international markets will gain direct access to Hong Kong dollar liquidity through the Solana blockchain.