In July 2026, Anchorpoint Financial Technology, a joint venture backed by Standard Chartered Bank (Hong Kong), HKT and Animoca Brands, announced it had obtained a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA). The license, granted under Hong Kong's Stablecoins Ordinance that took effect on August 1, 2025, positions Anchorpoint among the first authorized issuers of fiat-referenced stablecoins in the city. The firm targets a phased rollout of HKDAP (HKD At Par) starting in the second quarter of 2026, initially for institutional users and eventually for retail.
License and Reserve Mechanism
Each HKDAP token will be backed 1:1 by high-quality, highly liquid HKD-denominated reserves, meeting strict HKMA requirements. Reserves must be segregated, meet liquidity criteria, and undergo quarterly audits. Anchorpoint was formed in February 2025 by Standard Chartered, HKT and Animoca Brands specifically to issue regulated stablecoins under HKMA oversight. The phased approach reflects the regulator's caution while enabling gradual market adoption.
Animoca: HKD Stablecoin Is 'Crucial Infrastructure'
Evan Auyang, president of Animoca Brands, described the regulated HKD stablecoin as core market infrastructure rather than a speculative token. “Stablecoins are the bridge between native and enterprise Web3,” he said, adding that mainland Chinese assets going global need a Hong Kong dollar stablecoin. He highlighted Hong Kong's role as an offshore capital window for China and noted that HKDAP would support games, trade, and 24/7 financial settlement, tying it directly to Web3 gaming, cross-border commerce, and always-on payments.
Hong Kong's Regulatory Framework
Hong Kong's Stablecoins Ordinance is one of the strictest globally, requiring full 1:1 reserve backing, segregated assets, stringent liquidity rules, and ongoing public disclosure. The HKMA originally aimed to approve the first HKD-referenced stablecoin licenses by March 2026 but missed that deadline. The April authorization of Anchorpoint and a parallel HSBC-linked issuer marked a key milestone. Officials aim to create a “secure tokenised medium of exchange for the digital economy” that facilitates international payments and capital flows while avoiding opacity seen elsewhere.
Asia's Digital Stablecoin Race
The HKDAP launch arrives as regional hubs compete to anchor regulated stablecoin activity. Singapore has pursued its own regime and pilot projects, while the EU introduced MiCA-style rules. Hong Kong is among the first to license a bank-linked HKD stablecoin designed for broad use in payments, gaming, and finance. Regulated stablecoins are increasingly seen by banks and Web3 firms as the settlement layer for tokenized treasuries and on-chain assets — a role HKDAP is built to play for the Hong Kong dollar.