Anchorpoint Financial Limited and Hash Blockchain Limited have opened a new institutional distribution route for HKDAP, the Hong Kong dollar stablecoin branded “HKD At Par,” through Hash Blockchain’s Beta Access programme. The arrangement gives eligible institutions and professional traders access to minting, redemption, trading and fiat conversion services as Hong Kong’s newly licensed stablecoin market moves from regulatory preparation into early commercial operation.
The companies said on Aug. 12 that Hash Blockchain has joined HKDAP Beta Access as an authorised distributor. Eligible clients can access the stablecoin through the HashKey app platform and other supported channels, subject to the ongoing rollout.
Anchorpoint and Hash Blockchain also said they had completed the first HKDAP minting and redemption transaction with eligible clients. The process included fiat on- and off-ramps, allowing participants to exchange conventional currency for HKDAP and convert the tokens back into fiat currency.
That operational step places the partnership beyond a distribution announcement. Minting and redemption are the mechanisms that connect a stablecoin’s circulating supply to its issuer and cash settlement processes. For professional users, the availability of both directions is central to using a token for payments, treasury transfers or trading settlement rather than simply holding it on a platform.
Beta access targets professional market participants
The service is initially limited to eligible institutions and professional traders, rather than the Hong Kong retail public. The companies did not provide a timeline for a wider launch, saying that additional access channels and use cases would be added according to operational readiness and market demand.
Hash Blockchain said the partnership combines its licensed trading platform and technology infrastructure with Anchorpoint’s role as the HKDAP issuer. The initial focus covers distribution, trading and related operational support.
A stablecoin distributor can provide the client-facing route into an issuer’s product, including onboarding, token transactions and connections to a trading venue. That structure could give HKDAP a more direct role in crypto-market settlement while allowing Anchorpoint to retain responsibility for issuance.
The companies also referred to possible uses in cross-border payments and settlement. Such applications would depend on adoption by counterparties, payment providers and regulated financial institutions, as well as access to compatible fiat banking rails. The announcement did not identify specific payment corridors or commercial partners for those services.
Anchorpoint holds Hong Kong stablecoin issuer licence
Anchorpoint Financial is a subsidiary of Standard Chartered Bank (Hong Kong) Limited. It was established as a joint venture involving Standard Chartered Bank (Hong Kong), HKT and Animoca Brands in February 2025.
According to the companies’ announcement, Anchorpoint received a stablecoin issuer licence from the Hong Kong Monetary Authority in April 2026 under the Stablecoins Ordinance. The licence is listed as FRS01.
The licence forms the regulatory basis for HKDAP’s issuance in Hong Kong. Stablecoin regulation has been a central part of the territory’s effort to build a supervised digital-asset market that can accommodate payment tokens alongside licensed trading services and traditional financial institutions.
HKDAP’s branding points to an intended one-to-one relationship with the Hong Kong dollar, although the announcement did not provide details on its reserve composition, custody arrangements, audit process, supply figures or redemption terms. Those details are likely to be closely watched as access expands, particularly by corporate treasuries and financial firms evaluating whether the token can support routine settlement activity.
Hash Blockchain adds licensed platform access
Hash Blockchain operates under HashKey Holdings Limited, which is listed in Hong Kong under stock code 3887.HK. The company said it holds Type 1 and Type 7 licences under Hong Kong’s Securities and Futures Ordinance, covering dealing in securities and the provision of automated trading services.
It also holds a virtual asset trading platform operator licence under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, according to the announcement. Hash Blockchain said it has ISO 27001 and ISO 27701 certifications, which relate to information-security and privacy-management systems.
The use of a locally licensed platform gives Anchorpoint an immediate route to a defined pool of professional crypto-market participants. It also narrows the initial audience. Hash Blockchain said it does not provide services to users in Mainland China, the United States and certain other jurisdictions in order to comply with applicable laws and regulations.
The geographic limits mean HKDAP’s early distribution will be shaped as much by licensing boundaries as by demand for Hong Kong dollar-denominated digital settlement. A Hong Kong dollar stablecoin can be useful for firms seeking an on-chain representation of the currency, but practical liquidity will depend on the number of approved participants, the reliability of redemption and the availability of counterparties willing to accept it.
Competition will turn on practical utility
Hong Kong has positioned stablecoin licensing as a way to place fiat-linked tokens within a regulated framework, but an issuer licence alone does not create day-to-day usage. HKDAP will need functioning conversion routes, trading liquidity and transaction partners before it can compete for settlement flows with bank transfers, existing payment systems and established dollar stablecoins.
The completed initial minting and redemption transaction gives the companies an early proof point on the basic operating model. The next test will be whether authorised distribution through Hash Blockchain produces repeat institutional activity rather than isolated onboarding transactions.
Anchorpoint and Hash Blockchain said they plan to develop further market access channels and use cases, with possible expansion into additional markets as conditions permit. For now, HKDAP’s rollout remains a controlled professional-market launch, linking one of Hong Kong’s first licensed stablecoin issuers with a licensed virtual-asset platform capable of handling client access and trading support.
For deeper context on regulated stablecoins in Asia, explore why they matter in the region in this article.
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