#What is the HKDAP stablecoin rollout about?
Anchorpoint Financial Limited has launched the first phase of its HKDAP stablecoin initiative, introducing a regulated token pegged to the Hong Kong dollar aimed at institutional clients for various transactions including payments and asset settlements. This token, known as HKDAP (HKD At Par), is significant as it is among the first stablecoins approved under Hong Kong’s Stablecoins Ordinance. The company received its issuer license from the Hong Kong Monetary Authority in April 2026, positioning itself as a leader in regulatory compliance.
#Who is behind the HKDAP coin?
Anchorpoint was established in February 2025 as a collaboration between multiple influential entities, including Standard Chartered Bank (Hong Kong), HKT (a major telecom provider), and Animoca Brands, a firm specializing in Web3 investments. The initiative utilizes a B2B2C model, meaning that instead of directly targeting retail customers, it distributes HKDAP through authorized partners. This strategy allows for the token's use in payment solutions, trade financing, and tokenized asset settlements.
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#How does the HKDAP token function?
Each HKDAP token holds a 1:1 peg with Hong Kong dollar reserves maintained in separate accounts to meet the requirements set by the HKMA. The operational testing of this stablecoin concluded successfully on the Ethereum mainnet in May 2026, covering every aspect from minting to transferring to redeeming tokens. Notably, entities such as OSL Group and Futu Holdings were involved in the testing phase. Although there were no HKDAP tokens available for the public as of May 2026, the current phase marks the first engagement of the token in real institutional transactions, a timeline that shifted from an initial target of Q2 2026 to August 2026.
#Why is Hong Kong focusing on regulated stablecoins?
The Stablecoins Ordinance, which came into effect on August 1, 2025, provides a robust licensing framework for issuers of fiat-backed stablecoins, making it one of the most structured systems globally. Anchorpoint aims to use its stablecoin primarily to enhance cross-border payments and trade finance, critical areas for both business operations and the wider economy. For Animoca Brands, this venture diversifies its investment portfolio beyond gaming and metaverse projects, while HKT’s extensive telecom network opens pathways for smaller businesses to eventually engage with this technology.