HKDAP Stablecoin Enters Phase-One Beta Access in Hong Kong
Hong Kong's first regulated stablecoin, HKDAP, has started moving real money after Anchorpoint Financial began phase-one Beta Access on August 12. This milestone marks the first time a licensed stablecoin issuer in Hong Kong has transitioned from regulatory approval to an actual live transaction.
Initially limited to institutional distributors and professional investors, the rollout is narrow by design. HashKey and OSL are Anchorpoint's first issuer-authorised distributors: HashKey has completed an initial client mint-and-redemption transaction covering both fiat on-ramps and off-ramps, while OSL is providing distribution, liquidity, exchange, trading, and settlement support.
Anchorpoint has disclosed no figures on circulation, distinct users, or sustained transaction volume. Wider retail access could begin by the end of 2026, subject to market conditions.
This move follows Hong Kong's Stablecoins Ordinance, which took effect August 1, 2025. The ordinance requires issuers to maintain reserve assets segregated from their own funds and equal to at least 100% of circulation, honor valid redemption requests at par 'as soon as practicable,' and hold at least HK$25 million in paid-up capital for non-bank licensees.