HKMA-Regulated Stablecoin HKDAP Enters Beta Phase with Anchorpoint

Standard Chartered's Anchorpoint has launched the beta version of its HKDAP stablecoin, in collaboration with licensed Hong Kong digital asset exchanges HashKey and OSL. This milestone follows the Hong Kong Monetary Authority (HKMA) awarding the first two stablecoin issuer licenses in April to Anchorpoint and HSBC.

The beta phase will initially only be accessible to institutions, corporate users, and professional investors, but retail adoption is expected by year's end. According to HKMA rules, all stablecoin holders must be identified, unless an issuer can demonstrate alternative risk mitigating measures that meet the regulator's satisfaction.

Anchorpoint has a B2B2C distribution model, with joint venture partners Animoca Brands and Hong Kong Telecom supporting significant retail distribution. Animoca Brands also offers a digital identity solution, Moca Network, which may aid in compliance for retail users. The initial target use cases for HKDAP include cross-border payments and tokenized securities settlement.