Anchorpoint, a joint venture backed by Standard Chartered, Animoca Brands, and HKT, has formally launched the Hong Kong dollar stablecoin HKDAP, opening the first phase to institutional distributors and professional investors as it pushes the token toward commercial use.
Rollout begins after licensing and testing
Anchorpoint said it has been developing HKDAP in stages since receiving a stablecoin issuer license from the Hong Kong Monetary Authority in April. Over the past several months, the company said it worked closely with regulators and industry partners and completed issuance and transfer tests for the stablecoin.
With those preparations in place, Anchorpoint has started the first phase of the HKDAP rollout, allowing early distributors and users to begin using the token in commercial settings. The company said that if more ecosystem partners join, it will study retail-facing use cases based on market conditions, with the earliest target set for the end of this year.
First-stage use cases focus on payments and tokenized assets
In the first phase, authorized distributors will provide HKDAP-to-fiat and fiat-to-HKDAP conversion services for institutions, corporate clients, and professional investors. Anchorpoint said the initial emphasis will be on cross-border payments as well as trading and settlement for tokenized real-world assets, or RWA.
The company said HKDAP’s 24/7 transfer and settlement mechanism can help shorten transaction times and lower transaction costs. It also said the arrangement is intended to improve predictability in transactions, liquidity management, and operating efficiency for participating institutions and service providers. Anchorpoint added that the use of HKDAP is expected to extend beyond Hong Kong over time.
As institutional use in the first phase expands, authorized distributors and ecosystem partners that meet relevant requirements will announce their own timelines for HKDAP-related arrangements and commercial applications, according to the company.
OSL and HashKey confirmed as authorized distributors
So far, OSL Group and HashKey Exchange, Hong Kong’s two licensed virtual asset trading platforms, have confirmed that they will serve as authorized distributors for HKDAP.
OSL Group said eligible clients will be able to subscribe, redeem, convert, trade, and settle between fiat currency and HKDAP through its digital asset exchange OSL HK. Looking ahead, OSL said it will work with Anchorpoint to expand practical use of the stablecoin, with the first phase focused on tokenized funds, trade finance, and cross-border payments. The company said it expects to roll out multiple institutional applications to show how HKDAP can support real-economy activity through more efficient settlement and capital flows.
HashKey said qualified institutions and professional investors will also be able to obtain HKDAP through the HashKey app. The company added that it has completed its first HKDAP minting and redemption transaction for eligible clients, validating the subscription and redemption process between the stablecoin and fiat currency. HashKey said it will support HKDAP distribution, trading, and related services as Anchorpoint expands participation and use across the Hong Kong dollar stablecoin ecosystem.