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Anchorpoint brings Hong Kong dollar stablecoin to Solana blockchain
Standard Chartered-backed Anchorpoint partners with Solana Foundation to expand HKDAP access to retail users.
Key takeaways
- First public blockchain deployment. This marks Anchorpoint's first collaboration with a public blockchain foundation as it transitions from institutional-only access to retail expansion.
- Solana's infrastructure role. The Solana Foundation will join Anchorpoint's Tokenised Money Adoption Programme alongside PwC, leveraging Solana's transaction speed and developer ecosystem.
- Competitive Hong Kong stablecoin market. HKDAP's Solana launch follows HSBC's October rollout of RedCoin through its PayMe app to over 3.3 million users.
What happened
Anchorpoint Financial, a joint venture backed by Standard Chartered Bank, has entered a strategic partnership with the Solana Foundation to deploy its HKDAP stablecoin on the Solana blockchain. According to Crypto.news and Bitcoin.com News, the collaboration announced on October 30 will enable native minting and redemption of the Hong Kong dollar-backed token directly on Solana's network.
The arrangement focuses on supporting retail payments, tokenized asset trading, and other transactions requiring fast settlement. Anchorpoint plans to work with Solana's ecosystem of wallets, applications, and corporate partners to make HKDAP accessible to a broader user base, though the company has not announced a specific launch date for retail access.
As part of the agreement, the Solana Foundation will join Anchorpoint's Tokenised Money Adoption Programme as a strategic partner, following professional services firm PwC's earlier participation in the initiative. Anchorpoint CEO Dominic Maffei described the move as part of the company's strategy to connect different blockchain networks and financial market participants through common infrastructure.
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Why it matters
The Solana deployment represents a significant step in Anchorpoint's transition from institutional beta testing to mainstream retail adoption. Since receiving its stablecoin issuer license from the Hong Kong Monetary Authority in April 2026, Anchorpoint has operated HKDAP through a controlled institutional rollout, distributing the token through authorized partners like HashKey Exchange and Standard Chartered itself. Solana's high-throughput settlement capabilities align with the infrastructure requirements for consumer-facing payment applications and frequent transactions.
The partnership also signals growing competition in Hong Kong's regulated stablecoin market. HSBC launched its RedCoin stablecoin through PayMe on October 23, making it available to over 3.3 million users for peer-to-peer and merchant payments. By deploying on a major public blockchain, Anchorpoint positions HKDAP to reach international audiences beyond Hong Kong's borders while maintaining regulatory compliance through its HKMA license.
Background
Anchorpoint is a consortium established by three major entities: Standard Chartered Bank (Hong Kong), telecommunications company HKT, and Animoca Brands. The company received FRS01 stablecoin issuer licensing from Hong Kong regulators, allowing it to issue and manage HKDAP. Distribution initially followed a business-to-business-to-consumer model, with approved partners handling customer access, custody, and conversion services since August 2026.
Solana has been expanding its infrastructure for real-world payment applications in recent months. The network hosts approximately 4.9 billion dollars in tokenized real-world assets with more than 835,000 RWA token holders, according to the October 30 announcement. The Foundation's expansion into Asia-Pacific includes participation in Hong Kong's OASES program and plans to establish a local presence in the city. Earlier in October, Samsung Wallet announced plans to support USDC transfers across 82 million Galaxy devices in the United States through Solana and Sui blockchain infrastructure.
What to watch
Key developments to monitor include the specific launch date for HKDAP retail access on Solana and adoption rates compared to competing stablecoins like HSBC's RedCoin. Anchorpoint has emphasized that it is preparing distribution infrastructure and customer education efforts before opening retail access, but has not disclosed timing. Additionally, watch for further blockchain deployments of HKDAP beyond Solana, as Maffei's comments suggest the company plans to expand across multiple networks rather than remain isolated to a single ecosystem.
Questions readers ask
What is HKDAP and who issues it?
HKDAP is a regulated Hong Kong dollar stablecoin issued by Anchorpoint Financial, a consortium of Standard Chartered Bank (Hong Kong), HKT, and Animoca Brands. It received its stablecoin issuer license from the Hong Kong Monetary Authority in April 2026.
Why deploy HKDAP on Solana specifically?
Solana offers near-instant settlement speeds and an established ecosystem of wallets and applications suitable for retail payments and tokenized asset trading. The Solana Foundation's participation also provides strategic partnership for market adoption.
When will HKDAP be available to retail users?
Anchorpoint has not announced a specific launch date for retail access. The company is currently preparing distribution infrastructure and customer education efforts before opening the stablecoin to individual users.
