Introduction to HKDAP
Anchorpoint, a venture supported by Standard Chartered, has officially kicked off the gradual launch of its stablecoin, HKDAP, which is tied to the Hong Kong dollar. This initiative is currently available in beta mode to a select group of institutional distributors and professional investors for purposes such as payments, fiat conversion, and the settlement of tokenized real-world assets.
Launch Details
On Wednesday, the company revealed that the inaugural phase of the launch will prioritize cross-border transactions and the management of tokenized assets, with licensed distributors facilitating the conversion from HKDAP to regular fiat currency for qualified institutional clients and corporate stakeholders. This rollout marks the transition of HKDAP from its testing phase into a controlled distribution environment, a milestone achieved after Anchorpoint secured a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA) in April of this year.
Instead of a wide-scale public release, Anchorpoint is strategically choosing to introduce HKDAP through a limited number of selected distributors and partners. These entities will assist in making the stablecoin accessible during this phased rollout, handling the necessary conversion between HKDAP and fiat currencies. Notably, HashKey Exchange, recognized as Hong Kong’s largest licensed digital asset exchange, has joined this rollout, marking the successful execution of its initial minting and redemption transactions with HKDAP.
CEO Insights and Market Strategy
Anchorpoint’s CEO, Dominic Maffei, expressed enthusiasm about the robust market interest in the stablecoin and emphasized the company’s intention to collaborate with partners to enhance HKDAP’s adoption, develop new commercial applications, and support the evolution of Hong Kong’s digital asset landscape.
HKDAP, which stands for “HKD At Par“, is designed to maintain a fixed one-to-one peg with the Hong Kong dollar, supported by high-quality reserve assets in compliance with local regulations.
Regulatory Framework and Compliance
The phased introduction follows Anchorpoint’s formal approval for licensing, which it received alongside HSBC, making them pioneers in the city’s stablecoin framework after the HKMA evaluated 36 applications. The firm plans to gradually implement its stablecoin, with a focus on expanding its usability in payments and tokenized financial markets.
Prior to this recent rollout, Anchorpoint conducted practical tests of HKDAP within the Ethereum ecosystem in partnership with OSL Group, validating the complete transaction cycle, from fiat funding to token issuance and final redemption. These tests checked the movement of funds through Standard Chartered’s banking framework, ensuring seamless interaction with blockchain technology.
Broader Financial Initiatives
The push for the integration of HKDAP within the tokenized asset framework aligns with broader initiatives in Hong Kong’s evolving financial landscape. In June, the HKMA established a specialized group to explore regulatory guidelines and best practices for tokenized bonds, showcasing the city’s commitment to advancing digital finance. The HKDAP distribution adheres to the new Stablecoins Ordinance, which outlines standards for issuers and took effect on August 1, 2025. Companies wishing to issue covered stablecoins must receive authorization from the HKMA, which enforces comprehensive requirements regarding reserve management, governance, and compliance protocols.
Anchorpoint’s trajectory toward compliance began prior to the implementation of the stablecoin law, having been recognized as part of the HKMA’s initial stablecoin issuer sandbox in July 2024. Following the establishment of its partnership framework, including banks and digital assets firms, the joint venture was formed in early 2025, cementing its commitment to delivering a regulated Hong Kong dollar-backed stablecoin in a measured and phased manner, distinct from an immediate public launch.
