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Three heavyweights from banking, telecom, and Web3 have teamed up to issue what amounts to a digital Hong Kong dollar. Standard Chartered’s Hong Kong arm, telecom giant HKT, and gaming-and-metaverse conglomerate Animoca Brands created a joint venture called Anchorpoint Financial Limited, which received a stablecoin issuer licence from the Hong Kong Monetary Authority on April 10, 2026.
The product, called HKDAP (short for “HKD At Par”), will be fully backed 1:1 by liquid Hong Kong dollar reserves held in segregated accounts. It’s one of only two stablecoin licences the HKMA has granted so far.
What HKDAP actually is, and who it’s for
HKDAP is designed to track the Hong Kong dollar at a strict one-to-one peg, with reserves ringfenced under the HKMA’s rules.
The stablecoin’s initial audience is institutional. Anchorpoint plans to use a B2B2C distribution model, meaning it will sell HKDAP to businesses and platforms that then pass it along to their own customers. Licensed exchanges OSL and HashKey have already been involved in testing, serving as the probable first on-ramps for trading and settlement.
Public blockchain testing wrapped up on May 13, 2026, with full redemption cycles completed during that phase.
The public launch, however, has slipped. Originally penciled in for Q2 2026, then pushed to July 2026, the rollout announcement is now expected in August 2026, according to Standard Chartered Hong Kong CEO Mary Huen. The delays appear to stem from extended testing and coordination with licensed exchange partners.
Why Hong Kong is betting big on stablecoins
HKDAP didn’t emerge in a vacuum. Hong Kong’s Stablecoins Ordinance took effect on August 1, 2025, giving the HKMA a formal legal framework to license and supervise stablecoin issuers. Before that, the authority ran a regulatory sandbox to stress-test the concept, reviewing 36 applications from firms eager to enter the market.
Out of those 36, only two licences have been granted. One went to Anchorpoint. The other reportedly went to an HSBC-backed offering.
HKDAP also carries a distinction that matters beyond Hong Kong’s borders. It’s one of the first regulated non-USD fiat-referenced stablecoins in Asia.
Use cases and competitive implications
Anchorpoint is targeting three primary use cases for HKDAP: cross-border payments, asset tokenization, and supply chain financing.
The partnership structure itself is unusual. Standard Chartered brings banking infrastructure and regulatory credibility. HKT, a subsidiary of PCCW, adds enterprise distribution channels and telecom reach across Hong Kong. Animoca Brands contributes blockchain-native expertise and connections to the Web3 ecosystem, including its investments in over 400 blockchain projects globally.
The August announcement will be the next catalyst to watch. If Anchorpoint hits that timeline and begins live issuance on exchanges like OSL and HashKey, it would mark the transition from regulatory milestone to functioning financial product.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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