Anchorpoint delays retail stablecoin rollout in Hong Kong
Hong Kong's push to expand regulated stablecoin offerings is sharpening competition among financial groups and digital asset ventures. Anchorpoint says it is taking a cautious approach to opening its Hong Kong dollar-backed stablecoin to retail users, even after HSBC launches a rival product for PayMe customers.
Highlights
- Anchorpoint postpones retail launch of its Hong Kong dollar-backed stablecoin, with no set date, after initially projecting end of 2026 availability.
- HSBC launches its Hong Kong dollar-backed RedCoin to 3.3 million PayMe app users, intensifying competitive pressure in Hong Kong's regulated stablecoin market.
- Anchorpoint, formed by Standard Chartered, Animoca Brands, and HKT following July 2024 sandbox participation, focuses on sustainable growth and Web3 integration for its stablecoin.
Retail launch timing remains open
As reported by Cointelegraph, citing the South China Morning Post, Anchorpoint is not confirming when its Hong Kong dollar-backed stablecoin will become available to retail users. The venture released its institutional stablecoin product in August and had previously suggested a consumer offering could arrive as early as the end of 2026.At a Friday press conference, Chief Executive Dominic Maffei says the company is prioritizing a measured expansion rather than accelerating rollout plans. He says Anchorpoint wants to build the market in a long-term, sustainable way and that rushing a launch does not make sense.
Competition builds in Hong Kong stablecoins
The cautious stance comes after HSBC launches its Hong Kong dollar-backed RedCoin on Friday for the 3.3 million users of its PayMe app. That move increases pressure on other participants in Hong Kong's regulated stablecoin market as banks, telecom operators and crypto-focused groups position products for wider adoption.Anchorpoint emerged from a partnership between Standard Chartered, Animoca Brands and telecommunications provider HKT, announced in February 2025 after their joint participation in Hong Kong's stablecoin issuer sandbox in July 2024. Animoca's role is to contribute blockchain expertise and industry ties while helping develop use cases for the stablecoin across the Web3 ecosystem.
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