Standard Chartered-Backed Anchorpoint Launches HKDAP Stablecoin Testing

Anchorpoint, a joint venture backed by Standard Chartered, has begun issuing its Hong Kong dollar-based stablecoin HKDAP. The first phase of issuance has started with institutional distributors and professional investors given access for testing.

The venture was established by Standard Chartered, HKT, and Animoca Brands, and obtained a stablecoin issuer license from the Hong Kong Monetary Authority in May. This marks a significant step forward for Anchorpoint's plans to bring a locally-issued stablecoin to the market.