Hong Kong just got a new player in its young but fast-moving digital currency scene, and it comes with a familiar name attached. Standard Chartered-led Anchorpoint Financial has begun rolling out HKDAP, a Hong Kong dollar-backed stablecoin, marking one of the most closely watched moments yet in the broader Hong Kong stablecoin launch wave that regulators set in motion last year. The rollout, still limited to institutional players for now, arrives four months after Anchorpoint secured one of the city’s first two stablecoin issuer licenses.
Key takeaways
- Anchorpoint Financial, backed by Standard Chartered, Animoca Brands and HKT, has launched HKDAP, a Hong Kong dollar-pegged stablecoin, in a limited institutional rollout.
- HashKey Exchange and OSL Group are the authorized distributors, and HashKey has already completed the first minting and redemption transaction converting HKDAP into fiat.
- Hong Kong’s stablecoin licensing regime took effect on August 1, 2025, after lawmakers passed the underlying legislation in May 2025, ahead of the U.S. GENIUS Act.
- HSBC holds the other initial license and is expected to distribute its own stablecoin through PayMe in the second half of 2026.
- Anchorpoint says HKDAP could reach retail users by the end of 2026, once the institutional phase matures.
Anchorpoint launches HKDAP, Hong Kong’s dollar-backed stablecoin
HKDAP — short for “Hong Kong dollar at par” — is now live, though access is still restricted to institutions and professional investors while the system beds in. This cautious approach reflects how Hong Kong regulators want stablecoins to prove themselves in controlled settings before opening the door wider.
Institutional rollout comes first, retail could follow in 2026
The initial phase of the HKDAP stablecoin rollout is built around institutional payments and settlement. Anchorpoint plans to widen access channels over time and eventually push into cross-border applications, the kind of use case stablecoins are frequently pitched for. According to the firm, ordinary consumers could get access to HKDAP as early as the end of 2026, once the institutional groundwork is in place. That timeline positions 2026 as a pivotal year for the token’s trajectory, though the initial rollout deliberately keeps the circle small.
Joint venture ownership structure
Anchorpoint is a joint venture between Standard Chartered, Animoca Brands and HKT, three names that bring together traditional banking muscle, Web3 investment expertise and telecom-scale distribution reach. That combination is part of why Anchorpoint was seen as a frontrunner when Hong Kong began issuing stablecoin licenses. The venture intends to lean on distributors and commercial partners to push HKDAP into payments, settlement and other financial applications rather than building every channel itself.
Authorized distribution and operational milestones
Two of Hong Kong’s biggest crypto platforms are now the gateway into HKDAP for institutional users, and one of them has already put the token through its first real transactions.
HashKey Exchange and OSL Group as distributors
HashKey Exchange and OSL Group have joined as authorized distributors for HKDAP, according to separate announcements from the two firms. That status lets eligible institutions and professional investors mint and redeem the token through the exchanges’ apps and other supported channels — a practical bridge between HKDAP and the fiat system it’s pegged to.
HashKey’s first minting and redemption transactions
HashKey said it had already completed its first minting and redemption transaction for HKDAP, including conversions between the token and fiat currency. That milestone matters because it shows the mechanics behind the stablecoin — the process of creating and destroying tokens against real Hong Kong dollars — actually work in practice, not just on paper. It’s a small but telling proof point for a token still in its early days.
Hong Kong’s stablecoin regulatory framework
Hong Kong’s rules for stablecoin issuers are strict by design, and HKDAP is one of the first tests of whether that framework can produce a working product. Regulators required issuers to hold a license and meet capital, reserve and governance standards before any token could go live.
Licensing requirements and timeline
The city’s stablecoin ordinance took effect on August 1, 2025, after lawmakers passed the underlying legislation in May 2025. Regulators reportedly received applications from roughly three dozen firms, but only two issuers made it through the initial licensing round: Anchorpoint and HSBC. That narrow gate reflects how deliberately Hong Kong’s monetary authority has managed the rollout, prioritizing oversight over speed.
Comparison with the U.S. GENIUS Act and market context
Hong Kong’s legislative move came nearly two months before the United States signed its own GENIUS Act into law, putting the city among the earlier major financial hubs to adopt a dedicated stablecoin framework. That timing matters for how Hong Kong positions itself in the broader race among financial centers to regulate — and legitimize — dollar-pegged and other fiat-backed tokens. Globally, stablecoins remain a core piece of crypto market plumbing: the combined market capitalization of all stablecoins stood at nearly $287 billion at the time of writing, underscoring how much capital already flows through these pegged instruments for trading, payments and cross-border transfers.
Why this matters: a regulated, bank-backed Hong Kong dollar stablecoin gives institutions a compliant on-ramp for settlement in Asia’s financial hub, at a moment when governments worldwide are racing to define rules for tokens that move billions daily.
Market competition and related stablecoin activities
Anchorpoint isn’t operating in a vacuum. Hong Kong’s decision to hand out only two initial licenses hasn’t stopped a broader scramble among banks and exchanges to stake claims in the city’s stablecoin market.
HSBC’s stablecoin license and PayMe distribution plans
HSBC holds the other initial stablecoin license and is preparing its own token for launch in the second half of 2026. The bank could distribute it through PayMe, its digital payments platform, which counts 3.3 million users — a distribution advantage that could give HSBC’s stablecoin instant reach among retail users the moment it launches, in contrast to Anchorpoint’s more gradual, institution-first approach.
Kraken parent Payward’s expansion via Reap Technologies acquisition
Meanwhile, Payward, the parent company of crypto exchange Kraken, has been building its own foothold in Hong Kong’s stablecoin space through a $600 million agreement to acquire Reap Technologies. The deal signals that international exchanges see enough long-term value in Hong Kong’s regulated stablecoin market to make significant capital commitments, even without holding an issuer license themselves.
Taken together, these moves suggest Hong Kong’s stablecoin market is shaping up as a two-track competition: bank-led issuers like Anchorpoint and HSBC building regulated tokens from the ground up, and exchange groups like Payward buying their way into distribution and infrastructure. How quickly Anchorpoint can move HKDAP from institutional beta to retail availability by the end of 2026 may determine whether it keeps its early-mover advantage once HSBC’s token — and its 3.3 million PayMe users — enters the field.
FAQ
What is HKDAP and who launched it?
HKDAP is a Hong Kong dollar-backed stablecoin launched by Anchorpoint Financial, a joint venture led by Standard Chartered alongside Animoca Brands and HKT.
Who can currently obtain HKDAP tokens?
Eligible institutional and professional investors can obtain HKDAP tokens through authorized distributors HashKey Exchange and OSL Group.
What regulatory framework governs stablecoins in Hong Kong?
Hong Kong’s stablecoin legislation took effect on August 1, 2025, requiring issuers to hold a license and meet capital, reserve and governance standards, after the law was passed in May 2025.
Are there plans to expand HKDAP to retail users?
Yes, Anchorpoint plans to extend HKDAP access to retail users as early as the end of 2026, once the institutional phase of the rollout matures.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.