Standard Chartered-led Anchorpoint launches Hong Kong dollar stablecoin

Anchorpoint Financial, a joint venture between Standard Chartered, Animoca Brands and HKT, has commenced a limited rollout of its Hong Kong dollar-backed stablecoin, HKDAP. This follows the acquisition of one of Hong Kong's first two issuer licenses, which was secured four months ago. The initial distribution will concentrate on institutional payments and settlement, with further access channels and cross-border applications to be introduced later.

Authorized distributors HashKey Exchange and OSL Group have been incorporated, enabling eligible institutions and professional investors to obtain HKDAP through their respective applications and supported platforms. HashKey Exchange recently announced its completion of the first minting and redemption transaction for HKDAP, including conversions between the token and fiat currency.

Anchorpoint aims to integrate HKDAP into various financial applications, leveraging distributors and commercial partners to achieve this. The stablecoin, which is pegged to the Hong Kong dollar on a one-to-one basis, is part of the broader stablecoin market, which has a combined market capitalization nearing $287 billion as of now.

Hong Kong's stablecoin regulations came into effect on August 1, 2025, mandating issuers to secure a license and comply with capital, reserve, and governance standards. This legislation was enacted in May 2025, earlier than the U.S. GENIUS Act, placing Hong Kong among the early adopters of a dedicated stablecoin framework. HSBC, the other initial licensee, is set to launch its stablecoin in the second half of 2026, potentially distributing it through PayMe, which boasts 3.3 million users.

Additionally, Kraken's parent company, Payward, has broadened its Hong Kong stablecoin operations through a $600 million agreement to acquire Reap Technologies. Anchorpoint envisions extending HKDAP to retail users as early as the end of 2026.