CoinDesk
Anchorpoint Financial, the Standard Chartered-led joint venture behind the Hong Kong dollar stablecoin HKDAP, has opened institutional minting and redemption through newly authorized distributors HashKey Exchange and OSL Group. The rollout comes four months after Anchorpoint secured one of Hong Kong's first two stablecoin issuer licences under a framework that took effect Aug. 1, 2025. Initial use is focused on institutional payments and settlement, with retail access slated for late 2026.
Why it matters
HKDAP stands for "Hong Kong dollar at par," and the joint venture behind it is the unusual part: Standard Chartered, Animoca Brands, and HKT, a global bank, a crypto-native publisher, and a major telco, all wired into a single licensed HKD token. HashKey said it has already completed its first minting and redemption transaction, including HKDAP-to-fiat conversions. The framework itself moved fast: Hong Kong passed its stablecoin legislation in May 2025, and the rules took effect on Aug. 1, nearly two months before the US GENIUS Act was signed into law, placing the city among the earliest major financial markets with a dedicated licensing regime.
Market impact
The launch lands in a global stablecoin market approaching $287 billion in combined market cap, with issuers racing to claim regulated corridors in the US, EU, and now Asia. Hong Kong's other initial licensee, HSBC, is preparing its own stablecoin for the second half of 2026 and could distribute it through PayMe, which has 3.3 million users. Kraken parent Payward separately agreed to buy Reap Technologies for $600 million to expand in the same corridor. The signal is the convergence: regulated HKD liquidity is the next contested rail, and the early-mover institutions are already inside.
Frequently asked questions
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What is HKDAP?
HKDAP stands for "Hong Kong dollar at par" and is a Hong Kong-dollar-backed stablecoin issued by Anchorpoint Financial, a joint venture between Standard Chartered, Animoca Brands, and HKT.
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Who can mint and redeem HKDAP right now?
Institutional and professional investors can mint and redeem through authorized distributors HashKey Exchange and OSL Group. HashKey has already completed its first mint and redemption, including HKDAP-to-fiat conversions.
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When did Hong Kong's stablecoin framework take effect?
Hong Kong's stablecoin rules took effect on Aug. 1, 2025, and the underlying legislation was passed in May 2025, nearly two months before the US GENIUS Act was signed into law.
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When will HKDAP be available to retail users?
Anchorpoint plans to extend HKDAP to retail users as early as the end of 2026, with the initial rollout focused on institutional payments and settlement before expanding to retail.
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What else is happening in Hong Kong's stablecoin market?
HSBC, the other initial Hong Kong licensee, is preparing its own stablecoin for the second half of 2026 and could distribute it through PayMe, which has 3.3 million users. Kraken parent Payward agreed to acquire Reap Technologies for $600M to expand in the same corridor.
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