HKDAP stablecoin backed by Standard Chartered to launch in July

Anchorpoint Financial, a joint venture backed by Standard Chartered Bank (Hong Kong), telecom operator HKT and Web3 firm Animoca Brands, plans to issue HKDAP, a Hong Kong dollar-pegged stablecoin, before the end of July, according to local reports. Licensed exchanges OSL Group and HashKey Exchange are set to begin testing the token for online payments and digital asset fund flows.

Anchorpoint received one of the first two stablecoin issuer licences from the Hong Kong Monetary Authority on April 10, 2026. The Stablecoins Ordinance, effective August 1, 2025, requires issuers to hold minimum paid-up capital and liquid assets-HK$25 million and HK$3 million respectively-and to keep one-to-one Hong Kong dollar reserves in segregated accounts under HKMA oversight.

HKDAP completed an issuance and transfer test on the Ethereum mainnet in May, validating the token’s basic mechanics ahead of public availability. Anchorpoint has said it will roll out HKDAP in phases starting in the second quarter and will distribute the token through a business-to-business-to-consumer model, supplying it to selected licensed distributors rather than issuing directly to retail users.

Initial distribution will run through OSL and HashKey, which will test real-world uses including payments and settlement for digital asset funds. Anchorpoint has indicated it will expand the distributor network gradually after the initial commercial phase.

Hong Kong’s other inaugural licence holder, HSBC Hong Kong, has indicated plans for a local-currency stablecoin. Anchorpoint and its partners have not issued a joint public announcement confirming a precise go-live date or the scale of initial issuance; the company says phased issuance preparations are on track but that regulatory and operational approvals remain outstanding.

Bill Winters, Group Chief Executive of Standard Chartered, wrote in a company statement that the issuance of HKDAP ‘provides a powerful regulated medium of exchange that will further the rewiring of our financial markets and help promote the next generation of international trade.’