Standard Chartered-Led Venture Launches HKDAP Stablecoin in Hong Kong
Hong Kong has taken another step towards becoming a global hub for digital assets. A joint venture led by Standard Chartered, called Anchorpoint Financial, launched its Hong Kong dollar-backed stablecoin, HKDAP (short for 'Hong Kong dollar at par'). The company aims to enable institutional use of the stablecoin, with retail use expected as early as end-2026, subject to market conditions.
The launch is a result of Hong Kong's effort to become a global hub for digital assets. In 2022, the city implemented its stablecoin law, allowing regulated cryptocurrencies to be used in the region. Anchorpoint Financial is one of the first companies to take advantage of this law.
The HKDAP coin will operate on public blockchain infrastructure and use a business-to-business-to-consumer model to maximize ecosystem participation and growth. Authorized distributors will initially offer conversion between HKDAP and fiat currency for institutions, corporate users, and professional investors.