HKDAP Launches on Ethereum as Hong Kong's Regulated Stablecoin Era Takes Shape

On August 12, 2026, Anchorpoint Financial announced that its Hong Kong dollar-pegged token, HKDAP, had gone live on Ethereum. This marks a significant milestone in the territory's regulated stablecoin era, which began with the implementation of the Stablecoins Ordinance in August 2025.

HKDAP is a fiat-referenced stablecoin that holds a fixed one-to-one value against the Hong Kong dollar. Each token is redeemable for HK$1 (approximately $0.13 USD) and pays no interest to holders, placing it structurally closer to a payment instrument than an investment product.

The initial rollout of HKDAP is institution-only, with Anchorpoint partnering with HashKey Exchange as its first authorized distributor. OSL Group, another licensed crypto trading platform in Hong Kong, has also been named as an authorized distributor for the token.

Anchorpoint's choice to run HKDAP on Ethereum mainnet rather than a permissioned enterprise blockchain allows for greater flexibility and interaction with other Ethereum-compatible protocols. The minting and redemption lifecycle of HKDAP involves routing fiat HKD through banking channels to Standard Chartered's infrastructure, where the funds are held in a segregated pool of high-quality liquid reserve assets.

HKMA received 36 formal applications for stablecoin issuer licenses under the Stablecoins Ordinance but granted only two licenses. Anchorpoint holds the first stablecoin license issued, designated FRS01, and is positioned to support commercial applications that demonstrate the value of regulated tokenized money in real-world settings.