Standard Chartered-backed Anchorpoint begins HKDAP stablecoin rollout

Standard Chartered-backed Anchorpoint began the phased rollout of HKDAP on Wednesday, making the Hong Kong dollar-backed stablecoin available through beta access to institutional distributors and professional investors.Anchorpoint is a subsidiary of Standard Chartered Bank and was established as a joint venture with HKT and Animoca Brands. The company was among the first two firms to receive a stablecoin issuer license from the Hong Kong Monetary Authority in April, alongside HSBC, after the regulator said it had received 36 applications.In a statement on Wednesday, Anchorpoint said its initial focus for HKDAP will be cross-border payments and the settlement and distribution of tokenized real-world assets. Authorized distributors will also provide conversion between HKDAP and fiat currencies for institutions, corporate users, and professional investors.“We are encouraged by the strong interest we have seen across the market and look forward to working closely with our partners to broaden adoption of HKDAP, enable new commercial applications, and contribute to the continued development of Hong Kong's digital asset ecosystem," Anchorpoint CEO Dominic Maffei said.Anchorpoint said it has signed agreements with authorized distributors and use-case partners across financial and payments markets to support the phased rollout.HashKey Exchange, Hong Kong's largest licensed digital asset exchange, confirmed in a separate statement shared with The Block that it joined the rollout as a distribution partner and completed its first HKDAP minting and redemption transaction.The rollout follows a May test with OSL Group, which involved transfers of HKDAP on Ethereum Mainnet. The test covered the full lifecycle of HKD fiat funding into reserve assets via Standard Chartered's banking infrastructure before the tokens were minted, transferred, and fully redeemed.HKDAP operates under Hong Kong's stablecoin rules, which took effect in August 2025, requiring firms issuing stablecoins to obtain a license from the HKMA. The regulator began testing the framework through a stablecoin sandbox in 2024, allowing prospective issuers to experiment with token designs under regulatory supervision.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.