Anchorpoint starts HKDAP rollout in Hong Kong stablecoin market

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Anchorpoint HKDAP rollout in HK

Highlights

Anchorpoint, backed by Standard Chartered, began beta rollout of its Hong Kong dollar stablecoin HKDAP to institutional distributors and professional investors.
Anchorpoint and HSBC were among the first two firms to receive a Hong Kong Monetary Authority stablecoin issuer license in April, out of 36 applications.
HashKey Exchange joined as a distribution partner, completing its first HKDAP mint and redemption, following a May test with OSL Group on Ethereum Mainnet.

Licensed launch targets payments and tokenized assets

As reported by The Block, citing Anchorpoint in a statement on Wednesday, the Standard Chartered-backed company is making its Hong Kong dollar stablecoin available through beta access to institutional distributors and professional investors. Anchorpoint says authorized distributors will provide conversion between HKDAP and fiat currencies for institutions, corporate users, and professional investors as the rollout expands.

Anchorpoint is a subsidiary of Standard Chartered Bank and was established as a joint venture with HKT and Animoca Brands. The company is among the first two firms to receive a stablecoin issuer license from the Hong Kong Monetary Authority in April, alongside HSBC, after the regulator says it received 36 applications.

Chief Executive Dominic Maffei says the company is seeing strong market interest and plans to work with partners to broaden HKDAP adoption and support new commercial applications. Anchorpoint also says it has signed agreements with authorized distributors and use-case partners across financial and payments markets to support the phased rollout.

Hong Kong digital asset framework gains traction

HashKey Exchange, Hong Kong's largest licensed digital asset exchange, says in a separate statement shared with The Block that it joins the rollout as a distribution partner and completes its first HKDAP minting and redemption transaction.

The latest rollout follows a May test with OSL Group involving transfers of HKDAP on Ethereum Mainnet. That test covers the full lifecycle of Hong Kong dollar fiat funding into reserve assets through Standard Chartered's banking infrastructure before tokens are minted, transferred and fully redeemed.

HKDAP operates under Hong Kong's stablecoin rules, which take effect in August 2025 and require firms issuing stablecoins to obtain a license from the HKMA. The regulator begins testing the framework through a stablecoin sandbox in 2024, allowing prospective issuers to experiment with token designs under regulatory supervision.

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