TL;DR
- Anchorpoint began phase 1 of HKDAP, giving institutional distributors and professional investors beta access to a Hong Kong dollar-backed stablecoin under HKMA licensing.
- HashKey and OSL are authorized distributors, with HashKey completing its first minting and redemption transaction while fiat conversion supports institutional use.
- HKDAP initially targets cross-border payments and tokenized real-world asset settlement, with broader channels planned and retail access potentially arriving by late 2026 in Hong Kong markets.
Anchorpoint has begun the first phase of its HKDAP rollout, bringing a Hong Kong dollar-backed stablecoin to institutional distributors and professional investors through limited beta access. The launch follows the company’s stablecoin issuer license from the Hong Kong Monetary Authority in April, one of the first two awarded after 36 applications. The notable shift is that Hong Kong’s regulated stablecoin framework is moving from licensing into live distribution. Anchorpoint, established by Standard Chartered, HKT and Animoca Brands, is initially targeting cross-border payments and the settlement and distribution of tokenized real-world assets.
HKDAP starts with institutions before broader access
HashKey Exchange and OSL Group are serving as authorized distributors, giving eligible institutions and professional investors channels to obtain and redeem HKDAP. HashKey said it had already completed its first minting and redemption transaction, including conversion between the token and fiat currency. The rollout is designed around practical financial use rather than a speculative token launch. Authorized distributors can support fiat conversion, while Anchorpoint has signed agreements with additional distribution and use-case partners across financial and payments markets as it builds the stablecoin’s initial commercial network in Hong Kong.
The launch follows testing completed with OSL in May, when HKDAP transfers were conducted on Ethereum Mainnet. That test covered the full lifecycle from Hong Kong dollar fiat funding into reserve assets through Standard Chartered’s banking infrastructure, followed by minting, transfers and full redemption. The earlier trial showed how traditional bank reserves and blockchain settlement could operate inside one controlled process. HKDAP stands for “Hong Kong dollar at par,” reflecting its intended one-to-one relationship with the local currency while providing a tokenized instrument for payments, settlement and other financial applications.
Hong Kong’s stablecoin rules took effect in August 2025, requiring issuers to meet licensing, capital, reserve and governance standards. Anchorpoint’s rollout now places those rules into commercial practice, while the company says retail access could arrive as early as the end of 2026. The bigger test is whether institutional distribution can translate regulatory approval into meaningful stablecoin usage. With cross-border payments and tokenized assets as initial priorities, Anchorpoint is positioning HKDAP as infrastructure for Hong Kong’s digital-asset ecosystem rather than simply another exchange-traded token, with broader access potentially following once the first phase proves workable across payments, markets and tokenized financial services globally across a widening range of financial workflows.
