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Hong Kong Stablecoin HKDAP Launches Phase 1
12 Aug
Summary
- Anchorpoint Financial began the first phase of its stablecoin rollout.
- The stablecoin, HKD At Par, offers limited institutional access.
- Broader retail adoption is targeted by the end of 2026.
Anchorpoint Financial has commenced the initial rollout of its Hong Kong dollar-backed stablecoin, known as HKD At Par (HKDAP). This first phase provides restricted access primarily to institutional distributors and professional investors.
These authorized distributors will enable conversion between HKDAP and fiat currency for corporate users and professional investors. The company's objective is to integrate HKDAP into commercial applications, focusing on payment and settlement use cases.
Anchorpoint, a joint venture involving Standard Chartered, Animoca Brands, and Hong Kong Telecommunications, is strategically pursuing a business-to-business-to-consumer model. They aim to expand participation through agreements with distributors and partners.
The company is targeting wider retail adoption as early as the end of 2026, contingent upon prevailing market conditions. This launch follows the Hong Kong Monetary Authority's approval for fiat-backed stablecoin issuance.
