Standard Chartered-Backed Anchorpoint Targets August Launch for HKDAP Stablecoin

Anchorpoint Financial, a joint venture backed by Standard Chartered (Hong Kong), HKT, and Animoca Brands, has delayed the public rollout of its Hong Kong dollar stablecoin, HKDAP, to August after missing earlier second-quarter and end-of-July targets.

Mary Huen, CEO of Standard Chartered Hong Kong and Greater China and North Asia, told the Hong Kong Economic Journal that an HKDAP-related announcement is expected within August. She confirmed that development work has continued uninterrupted since Anchorpoint received its stablecoin issuer license from the Hong Kong Monetary Authority (HKMA) in April.

Anchorpoint was among the first two entities to obtain a stablecoin issuer license under Hong Kong's Stablecoins Ordinance, with HSBC securing the other. The license awards marked a milestone in Hong Kong's broader push to establish itself as a regulated digital asset hub, which has included a separate licensing regime for virtual asset trading platforms.

The joint venture draws on complementary strengths across its backers: Standard Chartered's banking and cross-border payments infrastructure, HKT's position as Hong Kong's largest telecommunications provider, and Animoca Brands' experience in blockchain and digital asset ecosystems.

Development and Testing Ongoing

Although the launch timeline slipped beyond initial expectations, Huen emphasized that technical development has progressed steadily in the months following regulatory approval. Anchorpoint has been testing public blockchain infrastructure to support use cases beyond basic token issuance, with cross-border payments identified as a priority.

Huen noted that businesses continue to encounter practical difficulties in international settlements because traditional payment systems are not available around the clock and often carry higher transaction costs. HKDAP is designed to offer an alternative settlement rail for enterprises engaged in cross-border commerce. Most existing stablecoins by market capitalization are denominated in US dollars, meaning a HKD-referenced token could serve trade and payment corridors where the Hong Kong dollar is the operational currency.

Earlier company statements indicated that HKDAP will be released in phases under Hong Kong's licensing framework. Each token will be backed one-to-one by Hong Kong dollar reserves held in segregated accounts, in compliance with HKMA reserve requirements for fiat-referenced stablecoins.

In May, Anchorpoint completed an Ethereum mainnet transfer test in collaboration with licensed virtual asset platform OSL Group and trading platform PantherTrade. Trial participants stated that the transaction demonstrated issuance, transfer, and settlement using production-ready infrastructure rather than a regulatory sandbox environment.

B2B2C Distribution Model

Anchorpoint will adopt a business-to-business-to-consumer (B2B2C) distribution model rather than offering HKDAP directly to retail users, according to Huen. Under this structure, the issuer will appoint recognized distributors who will then make the stablecoin available to their own corporate and institutional clients.

The target customer base encompasses small and medium-sized enterprises, traders, service providers, fund companies, and individual users. Cross-border settlement remains the primary application, while tokenized assets represent an additional intended use case.

Distributor agreements will be finalized after Anchorpoint's formal launch announcement. Market reports have previously named OSL Group and HashKey Exchange as potential early distributors, given that both operate licensed virtual asset trading platforms in Hong Kong. Huen declined to confirm those reports, stating that Anchorpoint will announce the distributor list independently when ready, after which participating firms will unveil their planned HKDAP applications.

Ethereum Deployment and Interoperability

Testing on public blockchain networks has continued to expand HKDAP's functional capabilities, particularly for cross-border transactions. Anchorpoint previously stated that deploying the stablecoin on Ethereum would enable interoperability with existing wallets, exchanges, and decentralized finance applications while remaining fully subject to Hong Kong's regulatory requirements.

The Ethereum mainnet trial conducted in May was part of these pre-commercial preparations. Participants reported that the exercise validated both the project's technical architecture and compliance procedures under real-world production conditions.

Anchorpoint has indicated that HKDAP will initially follow the B2B2C rollout pathway before gradually expanding into additional use cases.

Hong Kong's Regulated Stablecoin Ecosystem

HKDAP ranks among the first stablecoins launched under Hong Kong's regulated issuer framework. The Stablecoins Ordinance mandates that issuers of fiat-referenced stablecoins obtain HKMA approval and adhere to requirements covering reserves, disclosures, and customer asset protection.

Prior to the initial license awards, Bloomberg reported that regulators had received interest from dozens of prospective applicants but intended to grant only a limited number of approvals in the first round.

Standard Chartered had disclosed its intention to issue a Hong Kong dollar-backed stablecoin through the joint venture before the regulatory approvals were finalized.

Activity in Hong Kong's regulated stablecoin sector extends beyond traditional banking. In May, Kraken agreed to acquire Hong Kong-based payments firm Reap Technologies for $600 million. Reap builds stablecoin-powered infrastructure for cross-border business payments, corporate cards, and settlement services, positioning stablecoins as instruments for reducing payment costs and eliminating intermediaries in international transactions.