Standard Chartered-led Anchorpoint Financial has started a limited rollout of HKDAP, its Hong Kong dollar-backed stablecoin, four months after securing one of the city’s first two issuer licences.
The initial rollout will focus on institutional payments and settlement before adding more access channels and cross-border applications.
HashKey Exchange and OSL Group joined as authorized distributors, allowing eligible institutions and professional investors to obtain HKDAP through their apps and other supported channels, according to separate announcements.
HashKey said it had completed its first minting and redemption transaction for the token, including conversions between HKDAP and fiat currency.
Anchorpoint, a joint venture between Standard Chartered, Animoca Brands and HKT, plans to use distributors and commercial partners to bring the token into payments, settlement and other financial applications. HKDAP stands for “Hong Kong dollar at par.”
Stablecoins are cryptocurrencies with values pegged to an external reference such as fiat currencies. Stablecoins are widely used to finance crypto trading, serve as a means of payment and facilitate cross‑border capital flows. The combined market cap of all stablecoins was nearly $287 billion as of this writing.