What to Know

  • Standard Chartered-led Anchorpoint Financial has started beta access for HKDAP, its Hong Kong dollar-backed stablecoin.
  • The rollout comes four months after Anchorpoint secured one of Hong Kong’s first two stablecoin issuer licences.
  • HashKey Exchange and OSL Group are now authorized distributors for HKDAP.
  • Eligible institutions and professional investors can mint and redeem HKDAP through supported channels.
  • HashKey said it completed its first minting and redemption transaction for the token, including conversions between HKDAP and fiat currency.
  • Anchorpoint is a joint venture involving Standard Chartered, Animoca Brands and HKT.
  • HKDAP stands for “Hong Kong dollar at par.”
  • The initial rollout is focused on institutional payments and settlement, with cross-border applications expected to follow.
  • Hong Kong’s stablecoin rules took effect on Aug. 1, 2025, after legislation was passed in May 2025.
  • Anchorpoint could extend HKDAP access to retail users as early as the end of 2026.

Hong Kong Dollar Stablecoin Access Begins Under Licensed Framework

Anchorpoint Financial has opened limited beta access for HKDAP, marking a notable step in Hong Kong’s regulated stablecoin market. The Hong Kong dollar-backed token enters the market after Anchorpoint secured one of the city’s first two issuer licences earlier this year, placing the venture among the earliest regulated stablecoin issuers operating under Hong Kong’s dedicated framework.

The launch is focused on institutional payments and settlement rather than broad public use. That positioning reflects the cautious sequencing often seen in regulated digital asset rollouts, where issuers first test operational processes, redemption mechanics, compliance workflows and distribution arrangements with a smaller group of eligible users before widening access.

HashKey Exchange and OSL Group have joined as authorized distributors, enabling eligible institutions and professional investors to obtain HKDAP through their apps and other supported channels. Their participation gives Anchorpoint a distribution base inside Hong Kong’s licensed digital asset ecosystem and creates a pathway for market participants to mint and redeem the token through established platforms.

HashKey and OSL Add Distribution Reach

The addition of HashKey Exchange and OSL Group is central to HKDAP’s initial rollout. Stablecoins rely not only on issuance but also on reliable access, redemption confidence and integration into trading, settlement and payments infrastructure. By appointing authorized distributors, Anchorpoint is seeking to place HKDAP within channels already used by professional digital asset clients.

HashKey said it completed its first minting and redemption transaction for HKDAP, including conversions between HKDAP and fiat currency. That transaction is important because minting and redemption are the core functions that support the “at par” premise of a fiat-backed token. Market users generally evaluate stablecoins not only by whether they track a reference currency, but also by how easily they can move between tokenized and traditional forms of money.

OSL Group’s role as an authorized distributor further broadens the token’s reach among eligible users. For institutions and professional investors, distributor access may support use cases such as on-platform balances, payment flows, treasury movement and settlement activity. The pace of adoption will likely depend on how quickly commercial partners integrate HKDAP into actual workflows beyond the initial beta environment.

What HKDAP Is Designed to Do

HKDAP stands for “Hong Kong dollar at par,” highlighting the token’s intended link to the Hong Kong dollar. Stablecoins are cryptocurrencies designed to maintain a value pegged to an external reference, often a fiat currency. They are widely used to finance crypto trading, serve as a means of payment and facilitate cross-border capital flows.

For Hong Kong, a local currency-backed stablecoin has potential relevance beyond crypto exchange activity. A regulated Hong Kong dollar token could support settlement between financial institutions, corporate payment processes, merchant payment networks and cross-border business flows, provided the infrastructure, compliance requirements and user demand develop together.

Anchorpoint has indicated that the first phase will focus on institutional payments and settlement before adding more access channels and cross-border applications. That approach suggests HKDAP is being positioned as financial infrastructure rather than simply another exchange-traded crypto asset. It also aligns with Hong Kong’s broader effort to define clear rules for tokenized money and digital asset services.

Anchorpoint’s Backers Signal Broader Ambitions

Anchorpoint is a joint venture involving Standard Chartered, Animoca Brands and HKT. The mix of participants points to a strategy that spans banking, digital assets, technology and telecommunications. That combination may be useful if HKDAP moves from a limited institutional environment into broader payment and settlement applications over time.

Standard Chartered’s involvement gives the project a traditional finance connection at a time when banks are increasingly evaluating tokenized deposits, stablecoins and blockchain-based settlement tools. Animoca Brands brings exposure to digital asset ecosystems and Web3 infrastructure, while HKT adds a commercial and technology footprint that could matter for payments distribution if the token moves into wider use cases.

Anchorpoint plans to use distributors and commercial partners to bring HKDAP into payments, settlement and other financial applications. The firm could extend access to retail users as early as the end of 2026. That timeline leaves room for the issuer, distributors and regulators to evaluate the performance of the token under controlled conditions before considering a broader user base.

Hong Kong’s Stablecoin Rules Shape the Rollout

Hong Kong’s stablecoin rules took effect on Aug. 1, 2025, requiring issuers to secure a licence and meet capital, reserve and governance standards. The city passed the legislation in May 2025, nearly two months before the U.S. GENIUS Act was signed into law, placing Hong Kong among the earlier major financial markets to adopt a dedicated stablecoin framework.

Those rules are a key part of the HKDAP story. Stablecoins have become a major part of digital asset markets, but regulators globally have focused on reserve quality, redemption rights, governance controls and consumer protection. A licensing regime is intended to give market participants clearer standards around who can issue fiat-referenced tokens and under what conditions.

For institutional users, regulatory clarity may be especially important. Payment firms, trading venues, brokers and financial institutions typically require confidence that a token’s issuer has defined obligations, supervisory oversight and operational standards. Hong Kong’s framework may therefore help licensed issuers compete for use cases that require compliance-sensitive infrastructure.

Competition Is Already Taking Shape

HKDAP is entering a market where competition is developing quickly. HSBC, the other initial licensee, is preparing its own stablecoin for the second half of 2026 and could distribute it through PayMe, which has 3.3 million users. That potential channel would give HSBC a significant consumer-facing route if its stablecoin moves into wider circulation.

Kraken parent Payward has also expanded its Hong Kong stablecoin operations through a $600 million agreement to buy Reap Technologies. The transaction underlines the strategic importance that global crypto firms are attaching to Hong Kong’s regulated stablecoin environment. It also suggests that infrastructure providers, exchanges and financial technology companies may view Hong Kong as a testbed for compliant tokenized payments.

For Anchorpoint, early access through HashKey and OSL gives HKDAP a foothold among professional digital asset users. However, long-term success will likely depend on whether the token can move beyond initial issuance and redemption into frequent, practical usage. Stablecoin networks tend to benefit from liquidity, trust, distribution and integrations, and those attributes often compound over time if users find a clear reason to keep using the token.

Stablecoin Market Context

The combined market cap of all stablecoins was nearly $287 billion as of this writing, reflecting their significant role in crypto market liquidity and digital settlement. Stablecoins are often used as a bridge between fiat currency and crypto assets, allowing traders to move value across platforms without returning to bank rails for every transaction.

At the same time, stablecoins are increasingly being discussed as payment instruments. Their ability to operate on blockchain networks can make them attractive for cross-border transfers and settlement, particularly where traditional correspondent banking processes are slower or more complex. Still, practical adoption depends on regulation, reserve transparency, wallet access, merchant acceptance and integration with existing financial systems.

Hong Kong’s approach may encourage more regulated experimentation. By requiring licensing and setting standards for reserves, capital and governance, the city is attempting to capture stablecoin innovation while limiting risks tied to poorly managed issuance. HKDAP’s beta rollout is one of the first major tests of how that framework functions in practice.

What Comes Next for HKDAP

The immediate next phase for HKDAP will likely center on institutional onboarding, distributor readiness and use-case development. Market participants will be watching whether Anchorpoint can convert beta access into active payment and settlement flows, and whether more commercial partners are added over time.

Cross-border applications will also be closely watched. Hong Kong’s position as an international financial center gives a Hong Kong dollar-backed stablecoin a potentially distinct role in regional finance, particularly if counterparties see value in regulated tokenized settlement. However, any expansion into cross-border use will depend on compliance considerations and the availability of counterparties willing to transact in HKDAP.

Retail access remains a later-stage possibility. Anchorpoint could extend HKDAP to retail users as early as the end of 2026, but that step would likely require additional distribution arrangements, user protections and practical payment applications. For now, HKDAP’s launch is best understood as a controlled institutional rollout inside a newly active regulatory regime.

Frequently Asked Questions (FAQs)

What is HKDAP?

HKDAP is a Hong Kong dollar-backed stablecoin launched by Anchorpoint Financial. The name stands for “Hong Kong dollar at par,” reflecting its intended link to the Hong Kong dollar.

Who is behind Anchorpoint Financial?

Anchorpoint is a joint venture involving Standard Chartered, Animoca Brands and HKT. The venture is using distributors and commercial partners to expand HKDAP into payments, settlement and other financial applications.

Who can access HKDAP during the beta rollout?

The initial rollout is aimed at eligible institutions and professional investors. HashKey Exchange and OSL Group are authorized distributors, giving those eligible users access through apps and other supported channels.

Can HKDAP be minted and redeemed?

Yes. HashKey said it completed its first minting and redemption transaction for HKDAP, including conversions between HKDAP and fiat currency. Minting and redemption are central to how fiat-backed stablecoins maintain user confidence.

What will HKDAP be used for first?

The first phase is focused on institutional payments and settlement. Anchorpoint also plans to add more access channels and cross-border applications as the rollout develops.

When did Hong Kong’s stablecoin rules take effect?

Hong Kong’s stablecoin rules took effect on Aug. 1, 2025. The legislation was passed in May 2025 and requires issuers to secure a licence while meeting capital, reserve and governance standards.

Will retail users be able to access HKDAP?

Retail access is not part of the initial rollout. Anchorpoint could extend HKDAP to retail users as early as the end of 2026, depending on how its distribution and application strategy develops.

How large is the stablecoin market?

The combined market cap of all stablecoins was nearly $287 billion as of this writing. Stablecoins are widely used in crypto trading, payments and cross-border capital movement.

Who else is active in Hong Kong’s stablecoin market?

HSBC, the other initial licensee, is preparing a stablecoin for the second half of 2026 and could distribute it through PayMe, which has 3.3 million users. Kraken parent Payward has also expanded its Hong Kong stablecoin operations through a $600 million agreement to buy Reap Technologies.

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