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

A Standard Chartered-led venture, backed by Animoca Brands and HKT, has launched institutional use of Hong Kong dollar-backed stablecoins in Hong Kong. This move comes just a year after the city introduced its stablecoin law, marking its intent to become a global hub for digital assets. Anchorpoint Financial, the stablecoin issuer, stated that retail use of the regulated cryptocurrency is expected as early as the end of 2026, depending on market conditions.

The venture has begun the first phase of its HKDAP coin roll-out through beta access, allowing initial distributors and users to integrate it into commercial applications. HKDAP, which stands for "Hong Kong dollar at par," enables authorized distributors to offer conversion between HKDAP and fiat currency for institutions, corporate users, and professional investors.

Anchorpoint has adopted a phased approach, executing it in a prudent and structured manner. The company plans to operate on public blockchain infrastructure, adopting a business-to-business-to-consumer model to maximize ecosystem participation and growth. The cautious approach of Hong Kong's de facto central bank, the Hong Kong Monetary Authority (HKMA), supports Anchorpoint's plans.

While the HKMA granted the first batch of licenses to HSBC and Anchorpoint in April, Beijing had previously banned the onshore tokenization of real-world assets and tightened related offshore activities. Anchorpoint's immediate focus is to support the development of commercial applications that demonstrate the value of regulated tokenized money in real-world settings, such as payments and settlement use cases.

CEO and co-founder Dominic Maffei expressed enthusiasm about the strong interest in the venture and the potential to broaden adoption of HKDAP, enabling new commercial applications, and contributing to the continued development of Hong Kong's digital asset ecosystem.