Hong Kong-licensed stablecoin issuer Anchorpoint Financial Limited started its Phase 1 rollout for HKD At Par (HKDAP) today, which is its Hong Kong dollar-backed stablecoin. The Anchorpoint HKDAP rollout is being done through a Beta Phase and is catered towards institutional distributors and professional investors.
Anchorpoint shared that over the past few months, it worked with regulators and industry participants for the initial launch, while simultaneously minting and conducting live transfer tests of HKDAP on a public blockchain.
In this initial phase, authorised distributors will offer conversion between HKDAP and fiat currency for institutions, corporate users and professional investors, using their existing client networks to integrate HKDAP into a wider range of commercial and financial activities.
Dominic Maffei, the Chief Executive Officer and Co-Founder of Anchorpoint, shared,
“The phase 1 rollout brings HKDAP into practical use with initial distributors and institutional users. Our immediate focus is on supporting the development of commercial applications that demonstrate the value of regulated tokenised money in real-world settings, including payments and settlement use cases.”
Gaurav Bagga, Chairman of the Board, Anchorpoint & Chief Financial Officer for Hong Kong, Greater China and North Asia, Standard Chartered, added,
“As Hong Kong advances its digital assets agenda, we are pleased to bring together our banking heritage, international network and digital assets expertise to help build trusted market infrastructure, enable new cross-border opportunities and frictionless value transfer and settlement, further strengthening Hong Kong’s position as a leading international financial centre.”
According to Anchorpoint’s website, Anchorpoint is onboarding and activating authorised distributors on a rolling basis, in line with its phased launch approach.
Since the announcement, HashKey and OSL have been enabled live access to HKDAP. When Anchorpoint approaches a Full Launch later in the year, the full list of authorised distributors and ecosystem partners will be available on its website.
Anchorpoint is targeting end-2026 at the earliest to begin exploring broader retail adoption, as more partners come onboard and depending on market conditions.
Anchorpoint is a subsidiary of Standard Chartered Bank (Hong Kong) Limited (SCBHK) and a joint venture established by SCBHK, HKT, and Animoca Brands in February 2025.
Featured image credit: Edited by Fintech News Hong Kong, based on image by Ton-WeerayutPhotographer via Magnific