Hong Kong Issues First Regulated Stablecoin in HKDAP Partnership
Three major players have formed a joint venture to issue Hong Kong's first regulated stablecoin. Standard Chartered, HKT, and Animoca Brands created Anchorpoint Financial Limited, which received a license from the Hong Kong Monetary Authority on April 10, 2026. The new stablecoin, called HKDAP (HKD At Par), is backed by liquid Hong Kong dollar reserves held in segregated accounts.
HKDAP will initially target institutional clients through a B2B2C distribution model, where Anchorpoint sells the stablecoin to businesses and platforms that then pass it along to their customers. Licensed exchanges OSL and HashKey have been involved in testing and are likely to be the first on-ramps for trading and settlement.
Public blockchain testing wrapped up on May 13, 2026, but the public launch has slipped from July to August 2026 due to extended testing and coordination with licensed exchange partners. HKDAP is one of only two stablecoin licenses granted by the HKMA so far, with the other reportedly going to an HSBC-backed offering.
The partnership brings together banking infrastructure and regulatory credibility from Standard Chartered, enterprise distribution channels and telecom reach from HKT, and blockchain-native expertise and connections to the Web3 ecosystem from Animoca Brands. Anchorpoint is targeting three primary use cases for HKDAP: cross-border payments, asset tokenization, and supply chain financing.