A joint venture led by Standard Chartered has launched a stablecoin backed by the Hong Kong dollar. The joint venture comprises Standard Chartered, Animoca Brands, and Hong Kong Telecommunications (HKT).
Named HKDAP, which stands for 'Hong Kong dollar at par', the stablecoin has begun its first phase of rollout via beta access. Stablecoins are cryptocurrencies designed to maintain a constant value and are usually pegged to a fiat currency, such as the U.S. dollar.
Authorized distributors will offer the ability to convert between HKDAP and fiat currency for professional investors, corporate users, and institutions.
Regulatory Context and Retail Expansion
The launch follows the implementation of stablecoin laws in Hong Kong a year prior. In early April, the Hong Kong Monetary Authority (HKMA)—the region's de facto central bank—approved both HSBC and Anchorpoint Financial to issue fiat-backed stablecoins.
Anchorpoint Financial, a Hong Kong-licensed stablecoin issuer, stated that it is adopting a business-to-business-to-consumer (B2B2C) model. The company said this model aims to expand participation and integrate regulated tokenized money into real-economy applications.
Our immediate focus is on supporting the development of commercial applications.
Anchorpoint noted that it has been executing its phased approach in a prudent and structured manner, aligning with the cautious approach taken by the HKMA.
While the current phase focuses on commercial support, Anchorpoint Financial expects retail use of the stablecoin as early as the end of 2026, depending on market conditions.
The development occurs as Hong Kong makes efforts to establish itself as a global hub for digital assets.
