Partnership Enables Native Minting and Redemption on Solana

Anchorpoint Financial has agreed with the Solana Foundation to add its Hong Kong dollar-backed stablecoin HKDAP to the Solana blockchain. The deal marks the first such collaboration between a public blockchain foundation and a licensed stablecoin issuer. It focuses on native minting and redemption, which will let eligible users issue and redeem the token directly through Solana’s network.

Solana’s speed and low fees make it suitable for everyday transactions and high-volume settlements. The companies plan to use the network’s wallets, applications and developer tools to reach a wider audience. Retail payments and tokenized real-world asset trading are among the uses being explored, alongside other activities that require fast confirmation times.

Lu Yin noted that the collaboration could bring Hong Kong dollar digital money into applications already used by consumers, thanks to Solana’s settlement capabilities and its international network of wallet and developer partners.

Anchorpoint Advances Retail Expansion Plans

Anchorpoint currently runs HKDAP on Ethereum through a beta program limited to institutional and professional investors. Authorized distributors, including HashKey Exchange, have completed minting and redemption transactions. The company operates under a business-to-business-to-consumer model that requires verification before users can access the token.

Anchorpoint CEO Dominic Maffei said the firm is preparing distribution infrastructure and customer education efforts before opening HKDAP to individual users. No specific launch date has been set for retail access or the Solana integration. Full availability for retail customers remains targeted as early as the end of 2026, subject to readiness.

HKDAP trades at a par value of HKD 1.00 per token. Anchorpoint must back every token with reserves equal to at least HKD 1, kept separate from the issuer’s operating assets. The Hong Kong Monetary Authority granted the company its stablecoin issuer license, known as FRS01, on April 10, 2026. Standard Chartered Bank Hong Kong, HKT and Animoca Brands established Anchorpoint as a joint venture.

Hong Kong’s Stablecoin Market Moves Toward Broader Use

Hong Kong’s Stablecoins Ordinance, which took effect on August 1, 2025, sets out clear rules for licensed issuers. The framework demands high-quality liquid asset reserves, full par redemption and strong governance to prevent financial crime. It has allowed the city to attract issuers quickly after 36 applicants competed for licenses.

HSBC launched its own Hong Kong dollar stablecoin, RedCoin, on October 23 through its PayMe app, which serves more than 3.3 million users. The service initially supports transfers between individuals and payments to participating merchants. Anchorpoint continues to build its distribution network, with Standard Chartered acting as its first bank distributor for tokenized money market fund subscriptions and settlement services.

Solana Foundation Joins Anchorpoint’s Tokenised Money Program

Anchorpoint has launched its Tokenised Money Adoption Programme to support research, education and collaboration on regulated stablecoin applications. PwC joined as the inaugural partner in September. The Solana Foundation will now take on a strategic role, expanding its presence in Hong Kong through the OASES government sandbox program and plans to open a local office.

Maffei described the partnership as part of efforts to build “an open network designed to connect ecosystems, not fragment them.” Solana already supports roughly $4.9 billion in tokenized real-world assets and more than 835,000 holders on its network, according to the announcement. Data from rwa.xyz shows even higher figures, with $18.89 billion in total real-world asset volume and $14.13 billion in stablecoins.

Context in Hong Kong’s Growing Digital Asset Sector

The partnership comes as Hong Kong positions itself as a hub for regulated digital finance. While the Chinese mainland continues pilot programs for its digital yuan in limited areas, Hong Kong offers a clearer framework for private-sector involvement. Standard Chartered and its partners now gain a compliant channel for Hong Kong dollar liquidity, while international users can access the same through Solana’s global infrastructure.

Anchorpoint’s move follows the regulatory environment that requires issuers to maintain reserves, ensure redemption at par and implement safeguards against money laundering. The collaboration with Solana aligns with the foundation’s own initiatives, including its TAP tokenization program with PwC and participation in Hong Kong’s OASES sandbox. This combination aims to make regulated Hong Kong dollar stablecoins more accessible for both retail payments and institutional tokenized asset settlements.