Standard Chartered backs Hong Kong stablecoin rollout

Anchorpoint has started a phased beta rollout of HKDAP, a Hong Kong dollar-backed stablecoin, opening access to institutional distributors and professional traders as it prepares the token for cross-border payments and tokenized asset settlement.

The launch moves HKDAP beyond earlier testing and into controlled market distribution under Hong Kong’s new stablecoin licensing regime. Anchorpoint said authorized distributors will provide fiat conversion services for institutions, corporate users and professional traders, allowing participants to move between HKDAP and conventional currencies without relying on a public retail offering.

HKDAP’s first use cases focus on payments across borders and the settlement and distribution of tokenized real-world assets, or RWAs. Those assets can include tokenized funds, bonds, trade-finance claims and other financial instruments represented on a blockchain. A Hong Kong dollar settlement token could give participants a regulated on-chain payment leg for transactions that would otherwise require bank transfers through conventional rails.

HashKey completes first mint and redemption

HashKey has joined the rollout as a distribution partner and said it completed its first HKDAP minting and redemption transaction. The companies did not disclose the size of that transaction.

Minting is the process through which new stablecoins are issued after a user provides the corresponding fiat funds or other approved backing. Redemption reverses that process, with tokens returned to the issuer and the holder receiving fiat currency. Completing both sides of the cycle is a practical test of whether a stablecoin can enter and leave circulation through the intended institutional channels.

Anchorpoint said it has also signed agreements with authorized distributors and use-case partners in financial and payments markets. The company did not identify all of the partners or provide details on expected transaction volumes during the beta period.

The distribution-led structure places regulated intermediaries between the issuer and end users. That approach could limit Anchorpoint’s direct role in onboarding and customer checks while allowing banks, exchanges, brokerages and payment providers to serve clients through systems they already operate. It also gives the issuer greater control over the pace of circulation while the token remains in an early deployment phase.

From Ethereum test to supervised distribution

The rollout follows a May test with OSL Group, which involved HKDAP transfers on Ethereum Mainnet. According to Anchorpoint, the test covered the full operational sequence: Hong Kong dollar funding entered reserve assets through Standard Chartered’s banking infrastructure, HKDAP was minted, transferred on Ethereum and ultimately redeemed in full.

That sequence addressed a central issue for fiat-backed tokens: whether the token’s blockchain activity connects reliably to the off-chain custody and banking processes that support its value. A stablecoin can move quickly on a public ledger, but its credibility depends on holders being able to redeem it through the issuer’s approved channels.

Ethereum’s role in the earlier test also suggests HKDAP is being built for compatibility with existing tokenization infrastructure rather than as a closed payment network. Many tokenized securities and fund projects already use Ethereum or Ethereum-compatible systems, making settlement in a Hong Kong dollar token potentially more straightforward for institutions operating on those networks.

Anchorpoint is backed by Standard Chartered and was established with HKT and Animoca Brands. It was among the first two companies to receive a stablecoin issuer license from the Hong Kong Monetary Authority, alongside HSBC, in April. The HKMA said it received 36 applications for issuer licenses, indicating that entry into the regulated market is limited despite extensive interest from financial and technology firms.

Hong Kong’s licensing rules set a high bar

HKDAP will operate under Hong Kong’s stablecoin framework, which took effect in August 2025 and requires issuers of qualifying stablecoins to hold an HKMA license. The regulator began developing the regime through a stablecoin sandbox in 2024, where prospective issuers could test token structures and proposed business models under supervisory oversight.

The phased HKDAP launch shows how the framework is beginning to separate experimental projects from products intended for supervised commercial use. Sandbox trials can demonstrate technical feasibility, but distribution introduces different demands: onboarding counterparties, managing redemptions, maintaining reserve operations and integrating with payment and asset-settlement workflows.

Anchorpoint’s initial focus on professional participants also fits the profile of a product designed around market infrastructure rather than consumer payments. Institutional users involved in tokenized assets need settlement tools that can move alongside digital securities and funds, potentially reducing the gap between an asset transfer on-chain and payment made through separate banking systems.

A Hong Kong dollar stablecoin could be particularly useful where counterparties want to settle in the local currency rather than convert into a U.S. dollar token. That would give Hong Kong-based issuers and financial firms a regulated local-currency option as they develop tokenized fund, bond and trade-finance products.

Retail access has not been announced as part of the current beta program. The immediate test for HKDAP will be whether its authorized distributors can create enough practical payment and settlement activity to make the token useful beyond demonstrations. HashKey’s completed minting and redemption transaction, together with the earlier Ethereum test, indicates that the core issuance and redemption path is operating; the next phase is whether institutions adopt it for recurring transactions.