Standard Chartered's HKDAP Stablecoin Opens to Hong Kong Institutions in Phased Launch

Anchorpoint begins HKDAP distribution to institutions

Anchorpoint launched the first phase of HKDAP on 12 August 2026, opening beta access to institutional distributors and professional investors. The Standard Chartered-backed issuer framed the move as the start of a structured, phased approach rather than a full public launch. In this phase, authorised distributors can offer conversion between HKDAP and fiat currencies for institutions, corporate users and professional investors. The launch came a year after Hong Kong's stablecoin law took effect, part of the city's push to become a digital asset hub.

"We are encouraged by the strong interest we have seen across the market and look forward to working closely with our partners to broaden adoption of HKDAP, enable new commercial applications, and contribute to the continued development of Hong Kong's digital asset ecosystem", 12 August 2026. — Dominic Maffei, Chief Executive Officer, Anchorpoint

HashKey completes its first HKDAP mint and redemption

HashKey Exchange, Hong Kong's largest licensed digital asset exchange, said it joined the rollout as a distribution partner. The exchange completed its first HKDAP minting and redemption transaction as part of the initial release. Anchorpoint said it has signed agreements with authorised distributors and use-case partners across financial and payments markets. Participating firms give approved institutional users a route to mint, redeem and use the token within the licensed framework.

Standard Chartered venture holds an early HKMA licence

Anchorpoint is a subsidiary of Standard Chartered Bank and a joint venture with HKT and Animoca Brands. It was among the first two firms to receive a stablecoin issuer licence from the Hong Kong Monetary Authority (HKMA) in April 2026, alongside HSBC. The regulator said it had received 36 applications for the licences. The three partners had joined the HKMA's stablecoin sandbox in 2024 to test token designs under supervision. Standard Chartered is Anchorpoint's largest shareholder and Hong Kong's oldest note-issuing bank.

HKDAP targets cross-border payments and tokenised assets

Anchorpoint said its initial focus for HKDAP is cross-border payments and the settlement and distribution of tokenised real-world assets. HKDAP stands for "HKD At Par" and carries a par value of HK$1.00, backed one-to-one by Hong Kong dollar reserves held in segregated accounts. The reserves must equal at least 100% of the value of all HKDAP in circulation. The token is issued under Hong Kong's Stablecoins Ordinance, which took effect in August 2025 and requires issuers to hold an HKMA licence.

The May test moved HKDAP across Ethereum's network

The rollout follows a test in May 2026 with OSL Group that moved HKDAP across the Ethereum Mainnet. That test covered the full lifecycle of Hong Kong dollar funding into reserve assets through Standard Chartered's banking infrastructure before tokens were minted, transferred and redeemed. Ether (ETH), the token that powers the Ethereum network, traded at $1,904.05 on 12 August 2026, up 1.39% over the past 24 hours (CoinPaprika, 12 August 2026).

Retail access is planned for a later phase

Anchorpoint plans to extend HKDAP to retail users in a later phase, which it expects as early as the end of 2026, subject to market conditions. The company runs a business-to-business-to-consumer model, reaching users through selected distributors rather than issuing tokens directly. Its intended users range from small and medium-sized enterprises and traders to fund companies. Reports had expected the launch earlier in the year before it moved into August.

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