A Standard Chartered-led joint venture kicked off institutional use of Hong Kong dollar-backed stablecoins on Wednesday, a year after the city put its stablecoin law into effect as part of an effort to become a global hub for digital assets.
Retail use of the regulated cryptocurrency was expected “as early as end-2026”, subject to market conditions, said Anchorpoint Financial, a Hong Kong-licensed stablecoin issuer, in a statement on Wednesday.
A joint venture formed by Standard Chartered, Animoca Brands and HKT, Anchorpoint said it began the first phase of its HKDAP coin roll-out via beta access, enabling initial distributors and users to begin integrating it into commercial applications. HKDAP stands for “Hong Kong dollar at par”, the company said.
In the current phase, authorised distributors would be allowed to offer conversion between HKDAP and fiat currency for institutions, corporate users and professional investors, the company added.
“Anchorpoint has been executing its phased approach in a prudent and structured manner,” the statement said. “Operating on public blockchain infrastructure, Anchorpoint is adopting a [business-to-business-to-consumer] model to maximise ecosystem participation and growth.”
Anchorpoint’s plans were in line with the cautious approach adopted by the city’s de facto central bank, the Hong Kong Monetary Authority (HKMA).