HKDAP Stablecoin Rollout Delayed to Mid-August

Standard Chartered-backed Anchorpoint Financial has delayed the public rollout of its Hong Kong dollar stablecoin HKDAP until August, missing previously expected timelines. The project initially aimed to launch in the second quarter and by the end of July but is now set for a mid-August announcement.

Mary Huen, Standard Chartered Hong Kong and Greater China and North Asia CEO, said work on the licensed stablecoin has continued since Anchorpoint received its issuer license from the Hong Kong Monetary Authority in April. The team has been testing public blockchain infrastructure to support additional use cases beyond basic issuance, with cross-border payments as a priority.

HKDAP is one of the first stablecoins being launched under Hong Kong's regulated issuer framework, which requires issuers to obtain approval from the HKMA and comply with reserve, disclosure, and customer asset requirements. Anchorpoint secured one of these licenses in April alongside HSBC and plans to issue the token in phases under this licensing framework.

The stablecoin will be distributed through approved partners using a business-to-business-to-consumer model, where Anchorpoint will appoint recognized distributors that will make HKDAP available to their corporate and institutional clients. The intended customer base includes small and medium-sized enterprises, traders, service providers, fund companies, and individual users.