HashKey Exchange and OSL Group authorized as distributors for the new stablecoin, facilitating minting and redemption for institutional investors.
By Francisco Rodrigues|Edited by Omkar Godbole51 min ago2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Expansion of stablecoin offerings in Hong Kong with Anchorpoint's introductionSummaryShow- Anchorpoint Financial, led by Standard Chartered, has initiated beta access for its HKDAP stablecoin, following the acquisition of a Hong Kong issuer license.
- HashKey Exchange and OSL Group are now authorized distributors, allowing institutional and professional users to mint and redeem HKDAP tokens.
- Anchorpoint aims to roll out HKDAP to retail customers by late 2026, focusing on broader financial applications.
Anchorpoint Financial, a venture spearheaded by Standard Chartered, has begun a limited launch of its stablecoin HKDAP, which is pegged to the Hong Kong dollar. This follows the company receiving one of the initial issuer licenses in Hong Kong earlier this year.
The initial phase of the rollout will concentrate on institutional payments and settlement, with plans to introduce more access channels and cross-border functionalities in the future.
HashKey Exchange and OSL Group have been appointed as authorized distributors, enabling qualified institutions and professional investors to access HKDAP through their platforms, as stated in official releases from both companies.
HashKey has successfully completed its first transaction involving the minting and redemption of HKDAP, which included conversions between the stablecoin and fiat currencies.
Anchorpoint, a collaboration between Standard Chartered, Animoca Brands, and HKT, intends to leverage distributors and commercial partners to integrate the stablecoin into various financial applications, including payments and settlements. The acronym HKDAP stands for “Hong Kong dollar at par.”
Stablecoins are cryptocurrencies designed to maintain a stable value by pegging them to traditional currencies. They are commonly utilized for financing cryptocurrency trading, as payment methods, and for facilitating international capital movements. The total market capitalization of stablecoins was approximately $287 billion at the time of this report.
New regulations for stablecoins in Hong Kong took effect on August 1, 2025, mandating issuers to obtain licenses and adhere to capital, reserve, and governance requirements. The Hong Kong government introduced this legislation in May 2025, positioning the city among the first major financial hubs to implement a dedicated stablecoin regulatory framework, shortly before the U.S. passed the GENIUS Act aimed at cryptocurrency governance.
HSBC, the other initial license holder, is set to launch its own stablecoin in the latter half of 2026, potentially distributing it through its PayMe service, which caters to 3.3 million users. Additionally, Kraken's parent company, Payward, is expanding its stablecoin operations in Hong Kong through a $600 million acquisition of Reap Technologies.
Anchorpoint has indicated that it may extend access to HKDAP for retail users by the end of 2026.
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