Anchorpoint Financial, supported by Standard Chartered, has launched the HKDAP stablecoin, pegged to the Hong Kong dollar, with plans for retail access by 2026.
Anchorpoint Financial, a venture backed by Standard Chartered, has officially launched its HKDAP stablecoin, which is pegged to the Hong Kong dollar, following the acquisition of an issuer license in Hong Kong.
This launch is currently in a beta phase aimed at institutional users, focusing on payments and settlement functionalities. The company plans to expand access to retail customers by late 2026, broadening the stablecoin's applications.
HashKey Exchange and OSL Group have been designated as authorized distributors, allowing qualified institutions to mint and redeem HKDAP tokens. HashKey has already completed its initial transaction involving the stablecoin, which included conversions with fiat currencies.
Anchorpoint aims to integrate HKDAP into various financial services, leveraging partnerships to enhance its use in payments and settlements. The acronym HKDAP stands for "Hong Kong dollar at par." Stablecoins like HKDAP are designed to maintain stable values, making them useful in cryptocurrency trading and as payment methods.
With new regulations effective from August 1, 2025, Hong Kong has established a licensing framework for stablecoin issuers, enhancing governance and capital requirements. This regulatory shift positions Hong Kong as a leader in stablecoin governance, coinciding with developments in the U.S. regarding cryptocurrency regulations.
HSBC, another initial license holder, is expected to introduce its own stablecoin in the latter half of 2026, potentially through its PayMe platform. Meanwhile, Kraken's parent company is expanding its stablecoin operations in Hong Kong with a significant acquisition.
