Anchorpoint Launches HKDAP Stablecoin in Beta With HashKey and OSL as Distributors
Key points
- Anchorpoint Financial, a venture led by Standard Chartered alongside Animoca Brands and HKT, has launched beta access for HKDAP, its Hong Kong dollar stablecoin, four months after securing one of Hong Kong's first two issuer licences.
- HashKey Exchange and OSL Group are the inaugural authorised distributors, enabling institutional and professional investors to mint and redeem HKDAP tokens through their apps and supported channels.
- HashKey has completed its first HKDAP minting and redemption transaction, including fiat-to-token conversions, marking the first live settlement activity under the new framework.
- Anchorpoint plans to extend HKDAP access to retail users as early as late 2026, with the current phase limited to institutional payments and settlement use cases.
- HSBC, the other initial Hong Kong stablecoin licensee, is preparing its own token for the second half of 2026, while Payward has agreed to acquire Reap Technologies for 600 million dollars to expand its local stablecoin operations.
Anchorpoint Financial, the joint venture between Standard Chartered, Animoca Brands and HKT, has begun a limited rollout of HKDAP, its Hong Kong dollar-backed stablecoin, four months after receiving one of the city’s first two stablecoin issuer licences. HashKey Exchange and OSL Group have been appointed as authorised distributors, giving eligible institutions and professional investors access to mint and redeem tokens through their respective platforms. HashKey confirmed it has already completed its first minting and redemption transaction, including conversions between HKDAP and fiat currency.
The initial phase concentrates on institutional payments and settlement, with cross-border applications and additional distribution channels intended to follow. The name HKDAP stands for “Hong Kong dollar at par,” signalling the peg mechanics explicitly in the branding. Anchorpoint has indicated a potential extension to retail users by the end of 2026, a step that would require meeting further regulatory conditions under Hong Kong’s stablecoin framework, which came into force on 1 August 2025.
The competitive landscape is forming quickly. HSBC holds the other initial issuer licence and is preparing its own stablecoin for the second half of 2026, with a possible distribution route through PayMe’s 3.3 million-user base. Meanwhile, Kraken parent Payward has extended its Hong Kong stablecoin exposure through a 600 million dollar agreement to acquire Reap Technologies. The pace at which two licenced issuers, a major exchange group, and an international crypto operator are all moving simultaneously suggests Hong Kong’s regulated stablecoin market is entering an active competitive phase rather than a slow regulatory warm-up.