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Anchorpoint Launches Hong Kong Stablecoin HKDAP With Limited Rollout

HKDAP will first be used for institutional payments and settlement through HashKey Exchange and OSL. Hong Kong keeps the stablecoin market tightly supervised with just two licenses.

By Mike Hesp
• 2 min read
Anchorpoint Launches Hong Kong Stablecoin HKDAP With Limited Rollout

Key Takeaways

  • Anchorpoint Financial has started a limited rollout of HKDAP, a stablecoin pegged to the Hong Kong dollar.
  • The first phase focuses on institutional payments and settlement, with HashKey Exchange and OSL Group as authorized distributors.
  • Hong Kong has strict stablecoin rules; Anchorpoint says HKDAP could possibly be used for retail by the end of 2026.

Standard Chartered-led Anchorpoint Financial has started a limited rollout of HKDAP, the stablecoin pegged to the Hong Kong dollar. The launch comes four months after the company received one of the first two issuer licenses in Hong Kong, and it shows how quickly the market there is moving from licensing to real-world use.

First Focus on Settlement

The first phase focuses on institutional payments and settlement. Only after that does Anchorpoint want to add more access channels and cross-border use cases, which should make HKDAP more broadly usable within the crypto market and traditional payments.

HashKey Exchange and OSL Group have now joined as authorized distributors. That means qualified institutions and professional investors can get HKDAP through their apps and other supported channels, the companies said separately. HashKey also said it has already completed the token’s first mint and redemption transaction, including conversions between HKDAP and fiat.

Tight Rules in Hong Kong

The rollout fits into a tightly regulated framework. Hong Kong’s Stablecoins Ordinance took effect on August 1, 2025, and requires issuers of fiat-referenced stablecoins to hold a license from the Hong Kong Monetary Authority, along with requirements for capital, reserves, and governance. In the first approval round, only two licenses were handed out from 36 applications, showing how selective the regulator is.

That approach makes Hong Kong one of the earliest major financial markets with a dedicated stablecoin framework. For European crypto followers, that matters because it shows how regulated stablecoins are increasingly being tied to payments, settlement, and possibly tokenized financial services too. That could be especially interesting now that other markets are still trying to find the right balance between innovation and oversight.

What Could Come Next

Anchorpoint, a joint venture of Standard Chartered, Animoca Brands, and HKT, wants to explore more use cases through distributors and commercial partners. The company has also said HKDAP could possibly be available for retail use by the end of 2026. HSBC, the other first license holder, is meanwhile working on its own stablecoin for the second half of 2026 and could distribute it through PayMe.

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