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HKDAP beta begins
Standard Chartered-backed Anchorpoint Financial has begun rolling out its regulated Hong Kong dollar stablecoin, HKDAP (HKD At Par), with an initial beta access model for institutional distributors and professional investors.
“Anchorpoint plans to broaden access to retail users as early as the end of 2026”
The launch follows Hong Kong Monetary Authority action in April, when the HKMA awarded the first stablecoin issuer licenses to Anchorpoint and HSBC, moving the project from licensing into real-world deployment.
Anchorpoint says HKDAP is pegged one-to-one to the Hong Kong dollar and is designed for payments, capital transfers and settlement of tokenized financial instruments, with the token not paying interest.
During the beta phase, eligible users can access the token through authorized distributors rather than directly from Anchorpoint, and Anchorpoint positions HKDAP as digital money rather than an investment product.
The initial rollout is deliberately narrow, with Anchorpoint planning to broaden access to retail users as early as the end of 2026, depending on market conditions.
HashKey and OSL join
HashKey Exchange and OSL Group are among the first authorized distributors participating in the beta rollout, enabling eligible institutional and professional clients to mint and redeem HKDAP.
HashKey said it has already completed its first HKDAP minting and redemption transaction with eligible clients, including fiat on- and off-ramping, as part of the arrangement announced for Tuesday’s beta distribution.
OSL Group is also described as providing distribution services and liquidity support for HKDAP, with an immediate focus on tokenised finance and trade finance during the beta access phase.
Anchorpoint’s distribution approach is described as B2B2C, with authorized distributors dealing directly with stablecoin users and offering conversion between HKDAP and fiat currency for institutions, corporate users and professional investors.
Anchorpoint CEO Dominic Maffei said the company is encouraged by “strong interest” and plans to work with partners to broaden adoption of HKDAP and enable new commercial applications.
Regulated framework ahead
The HKDAP rollout is tied to Hong Kong’s stablecoin licensing regime, with HKMA rules requiring that all stablecoin holders be identified unless an issuer can demonstrate alternative risk mitigating measures are effective.
“HKMA rules require that all stablecoin holders be identified”
The Ledger Insights account says this identification requirement is a higher compliance threshold than most other jurisdictions, and it frames the initial institutional focus as making the compliance step easier.
Anchorpoint says HKDAP is initially available on the Ethereum mainnet, and a prior test with OSL Group in May involved transferring Hong Kong dollar funds into reserve assets via Standard Chartered’s infrastructure before minting, sending and complete redemption of tokens.
The Koin Bülteni account adds that HKDAP operates under Hong Kong stablecoin regulations set to take effect in August 2025, placing the project inside a defined regulatory timeline.
Looking ahead, Anchorpoint’s stated plan is to expand access channels over time and eventually push into cross-border applications, while the first phase targets cross-border payments and the settlement and distribution of tokenized real-world assets.
