Standard Chartered-led Anchorpoint plans retail stablecoin as HSBC RedCoin launches
After HSBC RedCoin launched on Friday, Anchorpoint – the stablecoin-issuing joint venture led by Standard Chartered – said it plans to launch a retail product on a public blockchain, even as it takes a “prudent approach”. “Our next major milestone is to [help] bring regulated digital money into everyday payments and commercial applications, while connecting traditional payment infrastructure with…
Standard Chartered-led Anchorpoint is set to introduce a retail stablecoin on a public blockchain, following HSBC's recent launch of its Hong Kong dollar-backed RedCoin for PayMe app users. CEO Dominic Maffei emphasized the company's long-term, sustainable approach, stating that "rushing something or doing something the wrong way does not make sense."
Anchorpoint aims to build an open and inclusive ecosystem, connecting traditional payment infrastructure with emerging digital finance. The stablecoin, which Maffei highlighted as offering 24/7, instantaneous, cost-effective, programmable, interoperable, and scalable transactions, will prioritize market education. Anchorpoint's Tokenised Money Adoption Programme, launched last month, focuses on educating stakeholders about tokenised money.
The stablecoin, pegged to a traditional currency like the Hong Kong dollar or US dollar, could facilitate cross-border payments, connecting Hong Kong to other financial corridors.
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