Standard Chartered-led Anchorpoint launches Hong Kong dollar stablecoin
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Summary
Anchorpoint Financial, a joint venture led by Standard Chartered along with Animoca Brands and HKT, has launched beta access to its HKDAP stablecoin, a Hong Kong dollar-backed token. This launch follows Anchorpoint securing one of Hong Kong's first issuer licences for stablecoins earlier this year. Authorized distributors HashKey Exchange and OSL Group enable institutional and professional investors to mint and redeem HKDAP tokens. Anchorpoint plans to expand access to retail users by late 2026, aiming to support broader financial applications.
Why it matters
The launch of HKDAP represents an early implementation of Hong Kong’s new stablecoin regulatory framework, which took effect on August 1, 2025. Anchorpoint's rollout initially targets institutional payments and settlement with plans to expand to cross-border transactions and retail access. This development marks a step forward in integrating stablecoins into mainstream financial services within Hong Kong’s regulated environment.
Key context
Hong Kong’s stablecoin legislation, passed in May 2025 and effective from August 2025, requires issuers to obtain licences and comply with capital, reserve, and governance standards. Anchorpoint is one of the first two entities licensed under this regime, setting a precedent in a major financial market. Stablecoins like HKDAP serve as pegged cryptocurrencies used for trading, payments, and cross-border capital flows, with the total market cap of all stablecoins nearing $287 billion as of the time of reporting.
Key numbers and entities
Anchorpoint Financial (joint venture of Standard Chartered, Animoca Brands, and HKT), HashKey Exchange, OSL Group, HSBC (another licensee), PayMe (HSBC’s payment app with 3.3 million users), Kraken parent Payward, and Reap Technologies. The stablecoin market cap figure noted is nearly $287 billion.
What remains unclear
The source does not flag open questions but does note that wider rollout beyond institutional investors, including retail user access and further financial applications, is planned for late 2026. Details on the full scope of cross-border applications and retail integration remain unspecified.