Hong Kong stablecoin selection expands with Standard Chartered-led venture’s launch

A Standard Chartered-led venture has commenced the institutional use of Hong Kong dollar-backed stablecoins, marking a year since the city introduced its stablecoin law to become a global digital assets hub. Anchorpoint Financial, a Hong Kong-licensed stablecoin issuer, announced the launch of HKDAP (Hong Kong dollar at par) coin roll-out, starting with beta access for initial distributors and users.

HKDAP stands for "Hong Kong dollar at par." In this first phase, authorized distributors will facilitate conversion between HKDAP and fiat currency for institutions, corporate users, and professional investors. Anchorpoint is employing a business-to-business-to-consumer model to encourage ecosystem participation and growth. The venture's approach aligns with the cautious stance of Hong Kong's de facto central bank, the Hong Kong Monetary Authority (HKMA), which issued the first batch of stablecoin licenses to HSBC and Anchorpoint in April after Beijing banned onshore tokenization of real-world assets and tightened offshore activities.

HSBC plans to launch HK dollar-pegged stablecoins in the second half of the year. Anchorpoint CEO and co-founder Dominic Maffei emphasized the company's focus on supporting commercial applications that demonstrate the value of regulated tokenized money in real-world settings, including payments and settlement use cases. Maffei expressed optimism about the strong market interest and the company's collaboration with partners to broaden the adoption of HKDAP, foster new commercial applications, and contribute to the ongoing growth of Hong Kong's digital asset ecosystem.