Anchorpoint Financial and Solana Foundation Team Up to Introduce HKDAP Stablecoin on Blockchain

Anchorpoint Financial and Solana Foundation Collaboration

Anchorpoint Financial, a company supported by Standard Chartered, is collaborating with the Solana Foundation to launch its regulated Hong Kong dollar stablecoin, HKDAP, on the Solana blockchain. This initiative, announced on October 30, aims to broaden the token's availability for retail consumers. This development marks Anchorpoint's inaugural partnership with a public blockchain foundation as it seeks to extend the reach of HKDAP beyond its current institutional distribution framework.

Facilitating Transactions on Solana

The partnership will facilitate the creation and redemption of HKDAP directly on the Solana network. This capability is intended to bolster everyday transactions for consumers, including payments, trading of tokenized assets, and any interaction requiring swift settlement. Anchorpoint envisions leveraging Solana's robust transaction processing system to enable seamless financial activities, capitalizing on the blockchain's existing ecosystem of wallets and applications.

Focus Areas and Corporate Engagement

Key areas of focus for this expansion include retail payments and the settlement of tokenized real-world assets, all denominated in Hong Kong dollars. The collaboration will also engage corporate partners and applications aimed at consumers to ensure that HKDAP and associated tokenized products are easily accessible through Solana’s infrastructure.

Solana's Ecosystem and Payment Solutions

Notably, Solana's platform has already shown significant traction, with around $4.9 billion in tokenized assets and over 835,000 holders in its ecosystem, indicating a vibrant environment for tokenized financial instruments. The blockchain itself is enhancing its payment solutions through partnerships with major tech entities. For instance, Samsung Wallet recently announced a plan to facilitate USDC transfers for eligible users across 82 million Galaxy devices in the U.S., building upon blockchain support from Solana and Sui.

Comments from Leadership

Lu Yin, the head of the Solana Foundation for the Asia-Pacific region, remarked that this partnership presents an opportunity to increase the accessibility of digital currency pegged to the Hong Kong dollar through established consumer-facing applications.

The foundation’s capabilities in international transactions and developer networks will be crucial in supporting routine financial interactions.

Previous Plans and Future Developments

This announcement follows previous plans from Anchorpoint, which revealed its intent to integrate HKDAP into public blockchain infrastructure for consumer use, although a specific launch date remains undisclosed. Until now, HKDAP has been available primarily through a controlled, institutionally-targeted rollout, where access was restricted to authorized distributors and verified wallets. Users have had to undergo verification processes, with the system currently prohibiting transfers to unverified addresses.

Since August, Anchorpoint has been actively establishing these protocols, which included participation from HashKey Exchange as an authorized distributor. The stablecoin was initially designed for facilitating payments as well as for conversions between fiat and digital tokens, and it also plays a role in settling tokenized financial assets. Standard Chartered is recognized as the first bank distributor for HKDAP, with future plans aimed at enabling tokenized money market fund subscriptions and settlement services.

Joining Forces for Innovation

In addition to its blockchain initiatives, Solana Foundation is joining Anchorpoint's Tokenised Money Adoption Programme to foster strategic partnerships in the financial and technological sectors. This initiative aims to enhance research, collaboration, and development of compliant stablecoin applications in Hong Kong's emerging market.

Vision for the Future

Reflecting on this partnership, Anchorpoint CEO Dominic Maffei highlighted their goal of creating a unified network to enhance interactions across various blockchain ecosystems.

The company, a joint venture including Standard Chartered Bank (Hong Kong), telecommunications firm HKT, and Animoca Brands, received its stablecoin issuer license from the Hong Kong Monetary Authority in April 2026. This step was part of the city’s evolving Stablecoins Ordinance, which mandates compliance with crucial parameters such as reserve backing and financial crime prevention.

Regulated Stablecoins Landscape in Hong Kong

The landscape for regulated stablecoins in Hong Kong is evolving, evidenced by HSBC's recent introduction of the RedCoin stablecoin through its PayMe app, catering to over 3.3 million users. This service initially targets person-to-person transfers and payments to select merchants while Anchorpoint continues to enhance its HKDAP distribution framework.