Standard Chartered-Backed Anchorpoint Launches Hong Kong Dollar Stablecoin

Standard Chartered-led Anchorpoint Financial has initiated a limited rollout of HKDAP, a Hong Kong dollar-backed stablecoin, marking a pivotal moment four months after securing one of the city’s inaugural issuer licences. This launch represents a concrete and strategic step by the Asian financial hub towards the integration of digital assets.

Institutional Rollout and Strategic Distribution

The initial rollout is strictly focused on institutional payments and settlement before expanding access channels and cross-border applications. The ecosystem's key players include:

■HashKey Exchange and OSL Group have joined as authorized distributors, enabling eligible institutions and professional investors to access the token via supported platforms.

■HashKey completed its first minting and redemption transaction, successfully facilitating conversions between HKDAP and fiat currency.

■Anchorpoint, a joint venture between Standard Chartered, Animoca Brands, and HKT, plans to leverage commercial partners to integrate the token into payments, settlement, and other financial applications.

Regulatory Framework and Global Competitive Landscape

Hong Kong solidified its position as an early adopter by enforcing stablecoin rules on Aug. 1, 2025, requiring issuers to meet strict capital, reserve, and governance standards. The city passed this legislation in May 2025, nearly two months before the U.S. GENIUS Act was signed into law.

■The combined market capitalization of all stablecoins stands at nearly $287 billion.

■The other initial licensee, HSBC, is preparing its stablecoin for the second half of 2026 and could distribute it through PayMe, which boasts 3.3 million users.

■Kraken’s parent company Payward has also expanded its Hong Kong footprint through a $600 million agreement to acquire Reap Technologies.

■Anchorpoint indicated it could extend HKDAP to retail users as early as the end of 2026.

From a blockchain researcher's perspective, a Hong Kong dollar stablecoin backed by a legacy institution like Standard Chartered is not merely a local payment instrument but a serious potential alternative reserve asset to USD-based stablecoins. HKDAP's "at par" structure and priority on institutional payments reflect a clear strategy to modernize TradFi's limited payment infrastructure with blockchain technology, rather than chasing the speculative nature of DeFi.