OSL Group and Anchorpoint Financial have completed test transfers of the HKDAP stablecoin on the Ethereum mainnet.
The test covered the lifecycle of converting fiat funding into reserve assets, fully backing the minting and transfer of the token.
Standard Chartered provided the banking infrastructure and institutional trust services for the test. All HKDAP tokens were fully redeemed following the transfers.
The companies are targeting a phased launch for the stablecoin by the end of the second quarter of this year.
“Our HKDAP test trades align with OSL’s mission to make money move as freely as information,”
said Kevin Cui, Executive Director and Chief Executive Officer, OSL Group.
Cui noted that OSL has established infrastructure for stablecoin trading, cross-border payments, and fiat on-ramps to serve clients and partners.
“The test mint and transfer demonstrates our commitment to being a key enabler for compliant industry participants contributing to Hong Kong’s digital asset vision,”
said Dominic Maffei, Chief Executive Officer and Co-founder, Anchorpoint.
OSL expects the integration to provide secure fiat-to-digital gateways, support cross-border payment products, and facilitate the adoption of tokenised financial assets.
Featured image credit: Edited by Fintech News Hong Kong, based on image by pikisuperstar via Magnific