Hong Kong already has its own stablecoin

Hong Kong now has its first regulated stablecoin. Anchorpoint Financial Limited, a joint venture between Standard Chartered Bank (Hong Kong), HKT, and Animoca Brands, has unveiled HKDAP (HKD At Par): a Hong Kong dollar-backed stablecoin designed to enable fast settlement and cross-border transactions.

From Sandbox to Live Licence

Anchorpoint was granted a stablecoin issuer licence by the Hong Kong Monetary Authority (HKMA) under the Stablecoins Ordinance, which came into effect on 1 August 2025. The three partners were not newcomers to the process. Standard Chartered, Animoca Brands, and HKT had been collaborating within the HKMA stablecoin issuer sandbox, launched in July 2024, to explore the potential of stablecoins.

HKDAP is backed 1:1 by high-quality HKD assets under Hong Kong's Stablecoins Ordinance, which sets strict rules for fiat-referenced tokens. Behind Anchorpoint stand three distinct capabilities: Standard Chartered brings banking compliance, HKT provides payment distribution, and Animoca Brands contributes the Web3 ecosystem, meaning the stablecoin is connected from day one to a bank vault, a payments gateway, and an onchain application network.

Institutions First, Retail to Follow

Anchorpoint launched HKDAP with a phased approach beginning in the second quarter of 2026, positioning the token as a new settlement rail for digital markets. The initial rollout targets institutional users and corporate treasuries, bridging the gap between traditional finance and the onchain economy.

To make HKDAP more widely available over time, Anchorpoint is adopting a business-to-business-to-consumer (B2B2C) approach, working with authorised distributors that already have large customer bases to make it easier for the public to access the stablecoin. Retail applications are planned for later in 2026, with guardrails being developed to support that expansion.

Standard Chartered CEO Bill Winters has said Hong Kong's push into stablecoins and tokenised deposits could "lay the foundation for a new era of digital trade settlement," positioning them as a new medium for cross-border commerce. Animoca's chairman Yat Siu has also highlighted the unique position of HKD stablecoins, which are indirectly pegged to the U.S. dollar, as a regulated alternative outside the U.S. market.

Sources:
Standard Chartered: Anchorpoint granted stablecoin issuer licence by HKMA
Crypto.news: Anchorpoint to launch regulated HKD stablecoin HKDAP
CoinDesk: Hong Kong awards first stablecoin licences