HKDAP: Hong Kong's First Regulated Stablecoin Hits Market
Anchorpoint Financial launched HKDAP, Hong Kong's first regulated stablecoin tied to the Hong Kong dollar, on August 12, 2026. The token's rollout began with a business-to-business model, targeting institutions and professional investors. Three companies own Anchorpoint: Standard Chartered Bank (Hong Kong), telecom operator HKT, and Animoca Brands, with Standard Chartered holding the largest stake.
The Hong Kong Monetary Authority granted Anchorpoint its first stablecoin issuer license in April 2026, following 36 applications by the September 30, 2025 deadline. Only two companies received licenses: Anchorpoint and HSBC. The regulator chose institutions that already manage physical currency, such as banknotes.
The Stablecoins Ordinance, which took effect on August 1, 2025, sets a licensing regime for fiat-referenced stablecoin issuers. Applicants must hold at least HK$25 million in paid-up share capital and maintain HK$3 million in liquid capital. The framework requires licensed issuers to back circulating tokens with reserves worth at least 100% of supply.
Anchorpoint's CEO, Dominic Maffei, stated that the company's focus is on supporting commercial applications that demonstrate the value of regulated tokenized money in real-world settings. Retail access will be available by late 2026, subject to market conditions.