Anchorpoint Launches HKD Stablecoin HKDAP, HashKey Completes First Minting
Nashnova编辑部
Anchorpoint Financial — a joint venture of Standard Chartered, Animoca Brands and HKT — launched the Hong Kong dollar stablecoin HKDAP on August 12, with HashKey completing the first mint-and-redeem cycle. The move marks the first licensed issuer going live under Hong Kong's stablecoin framework, kicking off a race to scale across both institutional and retail channels.
What is HKDAP, and who is behind it?
HKDAP stands for "HKD At Par" — a stablecoin pegged 1:1 to the Hong Kong dollar, redeemable at face value for fiat HKD at any time.
The issuer, Anchorpoint Financial, is backed by three shareholders: Standard Chartered (traditional bank), Animoca Brands (Web3 investment firm), and HKT (Hong Kong's major telecom operator).
This means → HKDAP is not a pure crypto project. It is a bank + tech + telecom licensing play designed to cover regulatory compliance, technical infrastructure, and user reach all at once.
How does the first phase work — can ordinary investors buy in?
The initial rollout is limited to institutional distributors and professional investors; retail access is not yet available.
HashKey Exchange and OSL Group serve as authorized distributors. Eligible users can access HKDAP through both platforms' apps.
HashKey has completed the first mint-and-redeem transaction — a two-way exchange between HKDAP and fiat HKD.
In plain terms = this is the "wholesale phase." Only professional clients on licensed platforms can touch HKDAP; retail access is penciled in for late 2026 at the earliest.
Where does Hong Kong's stablecoin regulation stand?
Hong Kong's stablecoin rules took effect on August 1, 2025, requiring issuers to obtain a license and meet capital, reserve, and governance standards.
The enabling legislation passed in May 2025 — roughly two months before the U.S. GENIUS Act was signed into law.
This means → Hong Kong is one of the first major financial centers to have a dedicated stablecoin regulatory framework in place, setting rules ahead of the United States.
What are the competitors doing?
HSBC is preparing its own stablecoin product for launch in H2 2026, potentially distributed through its PayMe platform, which has 3.3 million users.
This means → if HSBC goes the PayMe route, stablecoins would reach Hong Kong's largest mobile-payment user base, scaling the retail side in one move.
Payward, Kraken's parent company, acquired Reap Technologies for $600 million to expand its Hong Kong stablecoin footprint.
This reflects a shift in Hong Kong's stablecoin race: it has moved from "getting the license" to "grabbing the distribution channels", with traditional banks, crypto exchanges, and overseas giants all entering at once.
What is the key thing to watch?
Global stablecoin market capitalization currently sits at roughly $287 billion. For HKD stablecoins to claim meaningful share, both institutional and retail volumes need to ramp simultaneously.
Anchorpoint uses a B2B2C model — it wholesales HKDAP to distributors, who then push it to end users through existing client networks for payments, settlement, and other commercial use cases.
In plain terms = the real test is not whether the coin can be issued, but whether anyone actually uses it. HSBC's retail entry timeline will be the acid test for whether this regulatory framework delivers real-world scale.
Content is for reference only, not financial advice.