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RDUSD is a new US dollar stablecoin that Anchorage Digital Bank N.A. will issue for RD Technologies, a Hong Kong fintech group, with each coin backed 1:1 by dollars held at the bank (Anchorage Digital).
The token is planned for HSK Chain, HashKey's Ethereum layer 2, and HashKey On-Chain said on 2 November it will plug RDUSD into its trading, trade finance and settlement platforms (HashKey).
The news isn't another dollar coin. It's that a Hong Kong firm from the city's own stablecoin sandbox chose a US federally chartered bank as issuer instead of an HKMA licence. Here's how RDUSD works, who can hold it, and why that matters.
Key Takeaways
- Anchorage Digital Bank, an OCC-chartered national trust bank, will issue RDUSD and hold its reserves, with each coin backed 1:1 by US dollars (Anchorage Digital).
- RDUSD is planned for HSK Chain, whose ecosystem has 200+ projects and more than US$300 million of on-chain real-world assets (PR Newswire).
- HashKey, an investor in RD Technologies, will be RDUSD's primary secondary market maker in Hong Kong and provide day-one liquidity (Anchorage Digital).
- The coin is not licensed by the HKMA and is available in Hong Kong only to professional investors, per the RD announcement as reported by ChainCatcher (ChainCatcher).
- Initial target regions are Africa and the Middle East, building on RD's 20 October stablecoin trade settlement work with Stanbic Bank Ghana (PR Newswire).
What RDUSD is and who does what
Anchorage announced the deal on 1 November. Anchorage Digital Bank will issue RDUSD, hold the reserves and run minting, redemption and custody through its Stablecoin Issuance platform, while RD Technologies handles the brand and the application ecosystem (Anchorage Digital).
RD Technologies, also known as Yuanbi Technology, says it was one of the first participants in the HKMA's stablecoin issuer sandbox and has raised over US$90 million from investors including HashKey Group, HSG and the Solana Foundation (PR Newswire).
HashKey On-Chain says RDUSD is designed to comply with the US GENIUS Act and lists three places it will be used: settling tokenized RWA trades on HashKey Trading Portal, delivery-versus-payment against electronic bills of lading on its Trade Finance Platform, and payments and collections on HashKey Settlement Platform (PR Newswire).
Anchorage names two first use cases: cross-border business payments with Africa and the Middle East as initial focus regions, and RD business wallets for paying employees and supply chains (Anchorage Digital). The Africa angle has a track record. On 20 October, Stanbic Bank Ghana and RD said they would explore bank-led stablecoin settlement for Ghanaian firms paying suppliers in Asia, subject to regulatory no-objection (PR Newswire).
RDUSD vs other bank-issued and licensed coins
RDUSD is white-label: a brand owner outsources issuance to a regulated bank. Here's how it compares with Western Union's USDPT, from the same issuer, and Hong Kong's two HKMA-licensed coins (Stablecoin Insider table from the linked sources):
| RDUSD | USDPT | HKDAP | RedCoin (RCHKD) | |
|---|---|---|---|---|
| Currency | USD | USD | HKD | HKD |
| Brand owner | RD Technologies (Hong Kong) | Western Union | Anchorpoint (Standard Chartered-backed) | HSBC |
| Legal issuer | Anchorage Digital Bank N.A. | Anchorage Digital Bank N.A. | Anchorpoint Financial Ltd | HSBC Hong Kong |
| Regulator | OCC (US) | OCC (US) | HKMA | HKMA (licence FRS02) |
| Chain | HSK Chain (planned) | Solana | Public blockchain | Not disclosed |
| Hong Kong retail access | No, professional investors only | Not marketed in Hong Kong | Phase 1 institutions and professional investors; retail targeted as early as end-2026 | Yes, via PayMe |
| Status | Announced 1 Nov 2026 | Live since May 2026 | Phase 1 since 12 Aug 2026 | Live 23 Oct 2026 |
Sources: Anchorage on RDUSD, ChainCatcher, Anchorage on USDPT, Anchorpoint, HSBC, HKMA.
The split is clean. The two Anchorage coins are dollar tokens under a US federal bank charter. The two HKMA coins are Hong Kong dollar tokens, licensed on 10 April 2026 (HKMA), and only RedCoin is open to retail today. For the licensed side, see Stablecoin Insider's coverage of HKDAP's institutional launch and HSBC RedCoin. For the other Anchorage white-label coin, see Western Union Receiver Redirect.
Why a Hong Kong firm chose a US bank
Hong Kong's Stablecoins Ordinance requires a licence to issue a fiat-referenced stablecoin in Hong Kong, to issue any coin that references the Hong Kong dollar, or to actively market an issue to the Hong Kong public, and licensees need at least HK$25 million of paid-up capital (Slaughter and May).
A dollar coin issued in the US by a US bank falls outside the first two triggers. The trade-off is distribution: coins from issuers that aren't required to be licensed can only be offered in Hong Kong to professional investors, and only HKMA licensees' coins can reach retail (Slaughter and May). That matches the RDUSD restriction exactly (ChainCatcher).
Stablecoin Insider's reading is that RD optimized for the dollar, not for Hong Kong retail. Its stated customers are businesses paying across Africa, the Middle East and Asia, and those users want US dollars held at a US bank, which is the pitch Anchorage's CEO Nathan McCauley made in the release.
The HKMA has granted only two issuer licences so far, to Anchorpoint and HSBC on 10 April 2026 (HKMA). Stablecoin Insider's Hong Kong stablecoin regulation guide covers the full rulebook.
The GENIUS Act angle
The GENIUS Act, signed on 18 July 2025, makes it unlawful three years after enactment for a digital asset service provider to offer or sell a payment stablecoin to people in the US unless a permitted issuer issued it (GENIUS Act).
Foreign issuers get an exception only if the Treasury rules their home regime comparable, they register with the OCC and they hold enough reserves at a US financial institution, under section 18 (GENIUS Act). A Hong Kong-licensed dollar coin would have to clear that bar first. A coin issued by a US bank starts on the domestic side, which is why RD can say RDUSD is designed for the GENIUS framework. Stablecoin Insider's GENIUS Act guide explains the permitted issuer rules.
Design isn't approval, though. Neither company has said RDUSD will be sold to US users.
What the announcements don't say
- Launch date, initial supply and any minimum mint or redemption size.
- Who can redeem directly with Anchorage, and on what terms, outside Hong Kong.
- Fees for minting, redemption or the RD business wallets.
- Whether RD plans an HKMA licence later for retail access in Hong Kong.
See Hong Kong's licensed route. HSBC RedCoin is the first HKMA-licensed coin open to retail users.
FAQ
What is RDUSD?
RDUSD is a US dollar stablecoin issued by Anchorage Digital Bank N.A. for Hong Kong's RD Technologies, backed 1:1 by dollars held at the bank (Anchorage Digital).
Who issues RDUSD?
Anchorage Digital Bank, an OCC-chartered national trust bank, issues RDUSD and runs minting, redemption, reserves and custody (Anchorage Digital).
Which blockchain is RDUSD on?
RDUSD is planned for HSK Chain, an Ethereum layer 2 built by HashKey Group on the OP Stack (Anchorage Digital).
Can Hong Kong retail users buy RDUSD?
No. RDUSD is not HKMA licensed and is available in Hong Kong only to professional investors (ChainCatcher).
Is RDUSD live?
Not yet. HashKey On-Chain describes on-chain testing on HSK Chain as the next step, and no launch date has been published (HashKey).
What is RDUSD used for?
Cross-border business payments, starting with Africa and the Middle East, plus RD business wallets and settlement on HashKey platforms (PR Newswire).
What to watch next
Watch for the first mint on HSK Chain, a published redemption policy, and whether the Stanbic Ghana pilot gets regulatory no-objection and uses RDUSD (PR Newswire).
Until then, read RDUSD as a distribution test for a US-issued dollar coin run from Hong Kong, not as a Hong Kong stablecoin.
This content is provided for informational and educational purposes only and does not constitute financial, investment, legal or tax advice. Sources linked above were read on 2 November 2026, when RDUSD had not launched; regulatory readings labeled as Stablecoin Insider's view are analysis, not legal opinion. It is not a recommendation to buy or sell any token, and no material herein should be interpreted as an endorsement or solicitation.
