Anchorpoint Financial, a joint venture involving Standard Chartered, Animoca Brands and HKT, has begun a phased beta rollout of its Hong Kong dollar-backed stablecoin, HKDAP. The initial phase prioritises institutional payments, settlement and related financial uses, four months after the firm obtained one of Hong Kong’s first stablecoin issuer licences.

HKDAP, short for Hong Kong dollar at par, is designed to maintain a one-to-one value with the Hong Kong dollar and is backed by eligible high-quality Hong Kong dollar reserve assets in line with local requirements. Access is currently limited to institutional and professional investors through authorised distributors rather than open public availability.

Distributors Enable Minting and Redemption

HashKey Exchange and OSL Group have been named authorised distributors. Eligible institutions and professional investors can obtain HKDAP through their platforms and other supported channels. HashKey Exchange reported completing its first minting and redemption transaction for the token, including conversions between HKDAP and fiat currency.

The early focus centres on cross-border payments, fiat conversion services and the settlement of tokenized real-world assets. Anchorpoint intends to expand distribution channels and commercial applications over time through additional partners.

Regulatory Path and Prior Testing

Hong Kong’s Stablecoins Ordinance took effect on 1 August 2025, establishing a licensing regime that requires issuers of fiat-referenced stablecoins to meet standards on capital, reserves, governance, redemption and anti-money laundering controls. Anchorpoint received its licence from the Hong Kong Monetary Authority in April 2026 alongside HSBC, after the authority reviewed multiple applications.

Before the live beta phase, Anchorpoint tested the full transaction cycle on Ethereum Mainnet with OSL Group in May. The exercise covered fiat funding through banking infrastructure, reserve asset handling, token minting, on-chain transfer and complete redemption while maintaining the one-to-one Hong Kong dollar peg.

The joint venture was formed after the partners participated in the Hong Kong Monetary Authority’s earlier stablecoin issuer sandbox. Standard Chartered contributed banking infrastructure, HKT brought telecommunications and payment experience, and Animoca Brands supplied digital asset expertise.

Next Steps for Wider Access

Anchorpoint has indicated plans to extend HKDAP availability to retail users as early as the end of 2026. In the near term the company will continue working with distributors and commercial partners to support institutional payments, settlement and tokenized asset use cases within Hong Kong’s regulated framework.

HSBC, the other initial licensee, is preparing its own stablecoin for possible introduction later in 2026. The broader stablecoin market, which includes tokens pegged to various fiat currencies, had a combined market capitalisation approaching $287 billion at the time of the announcements.