HKDAP Stablecoin Begins Beta Rollout in Hong Kong
Anchorpoint has begun the phased beta rollout of HKDAP, a regulated Hong Kong dollar-backed stablecoin targeting institutional payments and tokenized asset settlement.
Hong Kong’s push to bring regulated stablecoins into real-world financial markets has moved into a new phase. As announced on August 12, Anchorpoint Financial began beta access for HKDAP, initially making the stablecoin available to selected institutional distributors and professional investors.
The rollout gives one of Hong Kong’s newly licensed stablecoin issuers an opportunity to test how tokenized money can be used within existing financial infrastructure.
HKDAP Targets Payments And Tokenized Assets
Anchorpoint is a subsidiary of Standard Chartered Bank (Hong Kong) and was established in February 2025 as a joint venture between Standard Chartered, HKT and Animoca Brands.
The company was among the first two entities to receive a stablecoin issuer license from the Hong Kong Monetary Authority in April 2026, alongside HSBC. The regulator said it had received 36 applications for stablecoin licenses.
During the first phase, Anchorpoint said HKDAP will focus on two primary use cases:
- Cross-border payments
- Settlement and distribution of tokenized real-world assets (RWAs)
Authorized distributors will also facilitate conversion between HKDAP and fiat currencies for institutions, corporate users and professional investors.
Dominic Maffei, CEO and co-founder of Anchorpoint, said the initial rollout is intended to demonstrate how regulated tokenized money can support commercial applications.
“The phase 1 rollout brings HKDAP into practical use with initial distributors and institutional users.”
Maffei added that the company had seen strong interest from the market and planned to work with partners to expand HKDAP adoption and develop new commercial applications.
HashKey Joins as Authorized Distributor
The rollout received an early boost from HashKey Exchange, which announced on August 12 that it had joined HKDAP Beta Access as a key authorized distributor.
HashKey will support HKDAP access while participating in its distribution, trading and related services as Anchorpoint expands the regulated stablecoin ecosystem.
The partnership places a licensed digital asset exchange directly into the distribution network for HKDAP and creates a bridge between the stablecoin and Hong Kong’s broader digital asset market.
HashKey said the collaboration represents another step toward developing regulated Hong Kong dollar stablecoins and exploring applications across the digital asset, financial services and payments sectors.
A Regulated Test For Tokenized Money
HKDAP stands for “Hong Kong Dollar At Par” and is designed to maintain a 1:1 peg with the Hong Kong dollar.
Unlike stablecoins launched primarily for crypto trading, Anchorpoint is positioning HKDAP around institutional financial activity. Its initial design emphasizes moving money and settling assets rather than simply providing another trading instrument.
That makes the beta rollout significant beyond the stablecoin itself. The project will test whether a fully regulated, institutionally backed digital representation of the Hong Kong dollar can integrate with existing payment and capital-market infrastructure.
Anchorpoint said additional authorized distributors and ecosystem partners will announce HKDAP availability and commercial use cases as they become operationally ready during the first phase.
From Licensing To Practical Adoption
The rollout also marks an important transition in Hong Kong’s stablecoin strategy. Licensing establishes the regulatory framework, but real-world transactions and commercial integrations will determine whether regulated stablecoins can deliver meaningful advantages over conventional financial rails.
For Anchorpoint, the immediate focus is therefore less about broad retail adoption and more about proving institutional use cases. If the beta phase successfully demonstrates efficient cross-border payments and tokenized asset settlement, HKDAP could provide a foundation for broader applications as Hong Kong develops its digital financial infrastructure.
With Standard Chartered, HKT and Animoca Brands behind the project, and HashKey participating in distribution, HKDAP now moves from a licensed stablecoin concept into practical market testing—an important step in determining how regulated tokenized money could fit into Hong Kong’s financial system.
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