Standard Chartered-Backed Anchorpoint Rolls Out Hong Kong Dollar Stablecoin

Standard Chartered-backed Anchorpoint has started rolling out its Hong Kong dollar-backed stablecoin, HKDAP. The phased rollout began on Wednesday and makes the stablecoin available through beta access to institutional distributors and professional investors.

Anchorpoint was established as a joint venture with HKT and Animoca Brands and received a stablecoin issuer license from the Hong Kong Monetary Authority in April. It was one of two firms, along with HSBC, to receive such a license after the regulator said it had received 36 applications.

The company's initial focus for HKDAP will be cross-border payments and the settlement and distribution of tokenized real-world assets. Authorized distributors will provide conversion between HKDAP and fiat currencies for institutions, corporate users, and professional investors.

Anchorpoint has signed agreements with authorized distributors and use-case partners across financial and payments markets to support the rollout. HashKey Exchange confirmed that it joined the rollout as a distribution partner and completed its first HKDAP minting and redemption transaction.