Standard Chartered-led Anchorpoint launches Hong Kong dollar stablecoin

Anchorpoint Financial, a joint venture between Standard Chartered, Animoca Brands, and HKT, launched beta access for HKDAP, a Hong Kong dollar-backed stablecoin, according to CoinDesk reporting. The token is now available to eligible institutions and professional investors through two authorized distributors: HashKey Exchange and OSL Group.

Anchorpoint secured one of Hong Kong's first two stablecoin issuer licences four months before the launch. The regulatory framework took effect on August 1, 2025, following Hong Kong's passage of stablecoin legislation in May 2025. Issuers operating under the regime must meet capital, reserve, and governance standards set by the Hong Kong Monetary Authority.

HashKey Exchange completed the first minting and redemption transaction for HKDAP, including conversions between HKDAP and fiat currency, per CoinDesk. Authorized distributors allow eligible users to obtain HKDAP through their apps and other supported channels. The initial rollout will focus on institutional payments and settlement before adding more access channels and cross-border applications.

Anchorpoint is positioning late 2026 as a potential window for retail expansion, according to CoinDesk reporting. The stablecoin operates under the acronym HKDAP, which stands for Hong Kong dollar at par.

A competing effort is underway: HSBC, the other initial licensee, is preparing its own Hong Kong dollar stablecoin for release in the second half of 2026 and could distribute it through PayMe, which has 3.3 million users, per CoinDesk. In a separate development, Kraken parent Payward expanded its Hong Kong stablecoin operations through a USD 600 million agreement to buy Reap Technologies.

As of the time of the article, the combined market capitalization of all stablecoins stood at nearly USD 287 billion, according to CoinDesk.