HKD-Backed Stablecoin Launches for Institutional Users

Anchorpoint Financial has launched its Hong Kong dollar-backed stablecoin, HKDAP, to institutional distributors and professional investors after receiving a license in April. The company aims to expand its use to retail customers by the end of this year.

The stablecoin enables authorized distributors to convert between HKDAP and fiat currency for institutions, corporate users, and professional investors. Initial focus areas include cross-border payments and tokenized real-world assets settlement and distribution.

Anchorpoint has worked with regulators and industry participants in preparation for the launch, which includes live transfer tests of HKDAP on a public blockchain in the second quarter.