Standard Chartered-Backed Anchorpoint Unveils HKDAP Stablecoin Rollout

Standard Chartered-backed Anchorpoint has started the phased rollout of its Hong Kong dollar-backed stablecoin, HKDAP. The beta access to institutional distributors and professional investors began on Wednesday, August 11, according to a statement from Anchorpoint.

The company was among the first two firms to receive a stablecoin issuer license from the Hong Kong Monetary Authority in April, alongside HSBC, after the regulator said it had received 36 applications. HKDAP's initial focus will be on cross-border payments and the settlement and distribution of tokenized real-world assets.

'We are encouraged by the strong interest we have seen across the market and look forward to working closely with our partners to broaden adoption of HKDAP, enable new commercial applications, and contribute to the continued development of Hong Kong's digital asset ecosystem,' said Anchorpoint CEO Dominic Maffei in a statement.

The rollout follows a test with OSL Group in May, which involved transfers of HKDAP on Ethereum Mainnet. HashKey Exchange has joined as a distribution partner and completed its first HKDAP minting and redemption transaction, according to the exchange's separate statement shared with The Block.