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Hong Kong's first regulated local-currency stablecoin is days from going live. Anchorpoint Financial, the joint venture backed by Standard Chartered Bank (Hong Kong), HKT, and Animoca Brands, is preparing to launch HKDAP, a Hong Kong dollar-pegged stablecoin, with a joint announcement expected before the end of July, according to local media reports first carried by Caixin on July 21, 2026.
Licensed exchange operators OSL Group and HashKey Exchange will begin testing the token for real-world applications such as online payments and digital asset funds, with distribution running through both platforms. Anchorpoint completed a successful Ethereum mainnet issuance and transfer test in May ahead of the rollout.
The launch would make HKDAP one of the first stablecoins issued under Hong Kong's Stablecoins Ordinance, the licensing regime in force since August 2025, and the first to reach market with a global bank behind it.
"The issuance of HKDAP by Anchorpoint provides a powerful regulated medium of exchange that will further the rewiring of our financial markets and help promote the next generation of international trade." - Bill Winters, Group Chief Executive of Standard Chartered
Key Takeaways
- HKDAP is expected to launch before the end of July 2026, per local media reports citing market sources.
- Anchorpoint holds one of Hong Kong's first two stablecoin licenses, granted by the HKMA in April alongside HSBC Hong Kong.
- Every HKDAP token is backed one-to-one by Hong Kong dollar reserves held in segregated accounts.
- OSL and HashKey will distribute the token, testing payments and digital asset fund use cases first.
- The rollout follows a B2B2C model, reaching consumers through selected distributors rather than direct retail issuance.
What Is Launching and Who Is Behind It
HKDAP, short for HKD At Par, is a fiat-referenced stablecoin pegged to the Hong Kong dollar and issued by Anchorpoint Financial Limited. The company is a joint venture combining a global bank, a telecom operator, and a Web3 firm: Standard Chartered Bank (Hong Kong), HKT, and Animoca Brands.
Anchorpoint received one of the first two stablecoin issuer licenses from the Hong Kong Monetary Authority on April 10, 2026, with HSBC Hong Kong as the other inaugural licensee. At the time, the company said it would issue HKDAP in phases starting in the second quarter, and the imminent launch lands roughly on that schedule.
Distribution will follow a business-to-business-to-consumer model. Rather than marketing the token directly to retail users, Anchorpoint will work through selected distributors, starting with licensed virtual asset trading platforms OSL and HashKey, which will test applications including online payments and digital asset funds.
The technical groundwork is already validated. HKDAP completed a successful issuance and transfer test on Ethereum mainnet in May, confirming the token's core mechanics ahead of public availability.
The Regulatory Framework Behind the Launch
Hong Kong's Stablecoins Ordinance came into force on August 1, 2025, creating one of the world's first dedicated licensing regimes for fiat-referenced stablecoins. Issuers need a license from the HKMA, at least HK$25 million in paid-up capital, and HK$3 million in liquid assets.
The reserve rules are strict by design. Every HKDAP token must be backed one-to-one by high-quality Hong Kong dollar reserves held in segregated accounts, with ongoing disclosure obligations and customer protection requirements layered on top.
That framework puts Hong Kong ahead of most jurisdictions in actually licensing local-currency issuers rather than just publishing rules. By contrast, the US GENIUS Act's rulemaking remains unfinished past its statutory deadline, as covered in our GENIUS Act deadline analysis, meaning Hong Kong may put a bank-backed local stablecoin into circulation before US agencies finalize their framework.
The HKMA has deliberately kept the first cohort small. Two licenses in April, a measured testing phase through regulated exchanges, and a phased issuance schedule all signal a regulator prioritizing controlled rollout over speed.
Asia's Regulated Stablecoin Race Accelerates
HKDAP's launch would be the third major milestone in Asia's local-currency stablecoin buildout this summer, and each jurisdiction is taking a different path. Japan moved first on corporate adoption, with logistics giant AZ-COM Maruwa committing to yen stablecoin payments at scale, as covered in our AZ-COM Maruwa JPYC coverage.
Japan is also wiring local stablecoins into capital markets. The Ondo and SBI partnership uses the JPYSC yen stablecoin to settle tokenized equities, detailed in our Ondo SBI tokenization coverage, while South Korea is still at the exploration stage through Circle's MOUs with Kakao Group and Toss Bank.
Hong Kong's distinction is the licensing-first approach. Where Japan built on its existing electronic payment instrument framework, and Korea is still legislating, Hong Kong wrote a dedicated stablecoin ordinance, licensed issuers under it, and is now shipping a bank-backed token, a full regulatory stack executed in under a year.
The non-USD angle matters beyond Asia. Dollar-pegged tokens account for over 99% of stablecoin market capitalization, so every credible local-currency launch, whether JPYC, JPYSC, or HKDAP, is a test of whether regulated stablecoins can serve domestic payment systems rather than just extend dollar rails.
What to Watch After Launch
The first signal will be actual usage through OSL and HashKey. Exchange testing of payments and digital asset fund flows will show whether HKDAP functions as working settlement infrastructure or remains a compliance showcase in its first months.
The second is HSBC. Hong Kong's other inaugural licensee has its own stablecoin plans, and its timeline will indicate whether the HKMA regime produces a competitive local market or a single-issuer experiment.
The third is distribution breadth. The B2B2C model means adoption depends on which payment processors, fintechs, and institutional users integrate HKDAP, and Anchorpoint has said it will expand distributors gradually after the initial commercial phase.
The honest caveat is that the launch timing rests on local media reports citing market sources, not a confirmed announcement from Anchorpoint. The company has said preparations for phased issuance are on track, but the precise go-live date and initial scale remain unconfirmed until the joint announcement drops.
Conclusion
HKDAP's imminent launch would complete the loop Hong Kong started in August 2025: ordinance, licensing, testing, and market entry inside a single year. For a jurisdiction competing to be Asia's digital asset hub, shipping the first regulated local-currency stablecoin with a global bank's backing is the proof point the framework was built for.
For the broader market, the launch tests whether non-dollar stablecoins can find genuine payment demand. A Hong Kong dollar token backed by Standard Chartered, distributed through licensed exchanges, and supervised by the HKMA is about as strong a setup as a local-currency stablecoin can get.
If HKDAP gains traction, it becomes the template other regulators cite. If it stalls despite every advantage, it will say something uncomfortable about demand for stablecoins that are not dollars.
FAQ:
1. What is HKDAP?
HKDAP, short for HKD At Par, is a regulated stablecoin pegged one-to-one to the Hong Kong dollar, issued by Anchorpoint Financial, a joint venture backed by Standard Chartered Bank (Hong Kong), HKT, and Animoca Brands. Every token is backed by high-quality Hong Kong dollar reserves held in segregated accounts under HKMA supervision.
2. When does HKDAP launch?
Local media reports from July 2026, first carried by Caixin, indicate Anchorpoint and Standard Chartered will announce the HKDAP launch before the end of July, with licensed exchanges OSL and HashKey beginning real-world testing. The exact go-live date remains unconfirmed until the official joint announcement.
3. Who licensed HKDAP and under what rules?
The Hong Kong Monetary Authority granted Anchorpoint one of the first two stablecoin issuer licenses on April 10, 2026, under the Stablecoins Ordinance, which took effect on August 1, 2025. The regime requires at least HK$25 million in paid-up capital, HK$3 million in liquid assets, one-to-one segregated reserves, and ongoing regulatory oversight.
4. How will people access HKDAP?
Anchorpoint uses a business-to-business-to-consumer model, distributing HKDAP through selected partners rather than issuing directly to retail users. Licensed virtual asset trading platforms OSL Group and HashKey Exchange are the initial distributors, testing use cases including online payments and digital asset funds before wider rollout.
5. Why does a Hong Kong dollar stablecoin matter?
Dollar-pegged tokens make up over 99% of stablecoin market capitalization, so HKDAP is a major test of whether regulated local-currency stablecoins can serve domestic payments rather than extend dollar rails. It also positions Hong Kong as one of the first jurisdictions globally to move from stablecoin legislation to licensing to a live bank-backed token within a single year.
Disclaimer:
This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.
