HKDAP: Hong Kong's Stablecoin
Anchorpoint Initiates Regulated Rollout of HKDAP, Hong Kong's First Institutional Stablecoin
Key Points
HKMA licensed Anchorpoint as one of the city’s first two stablecoin issuer licenses, with HSBC identified as the other issuer licensure recipient, underscoring HKDAP as an early-regulated digital asset in Hong Kong.
Anchorpoint has signed agreements with authorized distributors and use-case partners across financial and payments markets to support the phased rollout, signaling a broader ecosystem strategy beyond initial distributors.
HKDAP stands for 'Hong Kong dollar at par,' reinforcing the peg and framing it as a stable stablecoin designed for settlement and payment use cases.
HashKey Exchange is described as Hong Kong’s largest licensed digital asset exchange and has joined the rollout as a distribution partner, with its team completing the first HKDAP minting and redemption.
A May test with OSL Group on Ethereum Mainnet validated the full lifecycle from fiat funding to reserve asset backing, token minting, transfer, and redemption, including on-chain activity and eventual burn of test tokens.
Anchorpoint Financial has launched the first phase of HKDAP, Hong Kong's new dollar-backed stablecoin, targeting institutional distributors and professional investors, according to CoinDesk. The rollout comes four months after Anchorpoint received one of Hong Kong's first two stablecoin issuer licenses from the Hong Kong Monetary Authority (HKMA). HKDAP stands for 'Hong Kong dollar at par' — meaning each token is worth exactly one Hong Kong dollar.
Anchorpoint is a joint venture backed by Standard Chartered, alongside Animoca Brands and telecoms giant HKT, The Block reported. The phased rollout is designed to test real payments and settlements in a controlled environment before the stablecoin opens to everyday consumers.
Hong Kong's First Licensed Stablecoin Hits the Market
The HKMA granted Anchorpoint one of just two stablecoin issuer licenses in Hong Kong. HSBC received the other, Crypto News reported. That makes HKDAP one of the first fully regulated stablecoins in the city. Regulators and market players see it as a milestone for Hong Kong's push to become a major digital asset hub.
In the first phase, only institutional distributors and professional investors can access HKDAP, according to Bloomingbit. Distributors handle customer ID checks and convert cash to and from the digital token. Anchorpoint stays focused on issuing tokens and keeping the system safe and sound.
HashKey and OSL Join as First Distribution Partners
HashKey Exchange, described as Hong Kong's largest licensed digital asset exchange, joined as an authorized distributor. HashKey's team completed the very first HKDAP minting and redemption cycles in the pilot run, Crypto.news reported. OSL Group also signed on as a distribution partner for the rollout.
Anchorpoint has signed agreements with multiple distributors and partners across financial and payments markets, signaling a bigger ecosystem plan beyond these early players. The company expects more partners to join as the program grows and new use cases are approved by regulators.
May Ethereum Test Proved the Token Works End to End
Before the live launch, Anchorpoint ran a test with OSL Group on the Ethereum mainnet in May. That test covered the full lifecycle: fiat funding, reserve asset backing, token minting, transfer, and final redemption. Test tokens were then burned — destroyed on-chain — once the cycle was complete, according to CoinDesk.
The test showed that traditional banking and blockchain settlement can work together smoothly. It gave Anchorpoint confidence to move into the live phase with real institutional users and real Hong Kong dollars backing each token.
Cross-Border Payments and Tokenized Assets Are the Next Goals
The controlled rollout is built to test three key use cases: live cross-border payments, settlement of tokenized assets, and fiat currency conversion, Bloomingbit reported. These tests will run through the distributor network before Anchorpoint opens access to a wider group of users.
Regulators and market participants expect HKDAP to expand to more use cases and user types as the program matures. Hong Kong is betting that a regulated, bank-backed stablecoin can attract global institutions and cement the city's place at the center of digital finance in Asia.
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