Anchorpoint Financial started the first phase of its HKDAP rollout on August 12, 2026. The ticker stands for “HKD At Par,” and each token tracks one Hong Kong dollar. Three very different companies own the venture: Standard Chartered Bank (Hong Kong), telecom operator HKT, and Animoca Brands. Standard Chartered holds the largest stake. Notably, the token runs on Ethereum mainnet rather than a permissioned chain.
HashKey Exchange completed the first minting and redemption transaction at launch. OSL Group also serves as an authorized distributor. For now, only institutions, corporates, and professional investors can convert between fiat and HKDAP. Retail users cannot touch it yet.
🤝 HashKey Exchange and Anchorpoint Partner on HKDAP Beta Access.
— HashKey Exchange (@HashKeyExchange) August 12, 2026
HashKey Exchange joins as a key authorised distributor to support the ecosystem development and wider adoption of HKDAP, the first regulated Hong Kong dollar stablecoin. Eligible institutions and professional… pic.twitter.com/1FJsxwdhE8
Two Licences From Thirty-Six Applications
The Hong Kong Monetary Authority granted its first stablecoin issuer licences on April 10, 2026. Anchorpoint and HSBC won them. However, the regulator had received 36 applications by the September 30, 2025 deadline. Roughly 94% of applicants walked away with nothing.
Both winners share an unusual trait, because each one already prints Hong Kong banknotes. HSBC and Standard Chartered sit among the city’s three note-issuing banks. As a result, the HKMA handed digital currency duties to institutions that already manage physical currency. The message to Web3-native applicants was blunt. Regulatory comfort outweighed crypto pedigree in this first round.
What the Stablecoins Ordinance Demands
Hong Kong’s Stablecoins Ordinance took effect on August 1, 2025. It created a licensing regime for issuers of fiat-referenced stablecoins. Applicants must hold at least HK$25 million in paid-up share capital. They must also maintain HK$3 million in liquid capital, plus excess liquid capital covering twelve months of operating expenses.
Reserve rules sit at the center of the framework. Every licensed issuer must back circulating tokens with reserves worth at least 100% of supply. Those reserves must consist of high-quality liquid assets held in segregated accounts. Additionally, the structure must support reliable redemption at par. Anchorpoint routes incoming Hong Kong dollars through Standard Chartered’s banking infrastructure before it mints any tokens.
Why Institutions Come First and Retail Waits
Anchorpoint chose a business-to-business-to-consumer model instead of issuing directly to the public. Authorized distributors own the customer relationship, while Anchorpoint handles issuance and reserves. The company argues this approach widens ecosystem participation faster than a direct retail launch. Early use cases center on payments, settlement, and tokenized real-world assets. Cross-border flows also rank high on the target list.
Anchorpoint CEO Dominic Maffei framed the near-term goal around practical deployment. He said the immediate focus is “supporting the development of commercial applications that demonstrate the value of regulated tokenised money in real-world settings.”
Meanwhile, retail access stays on the roadmap for late 2026, subject to market conditions. That timeline has already moved once, since the venture originally targeted the second quarter. Both the regulator and the issuer appear willing to trade speed for control.
HSBC Takes the Opposite Route
HSBC plans its own HKD stablecoin for the second half of 2026. Its strategy differs sharply from Anchorpoint’s. The bank intends to embed the token inside PayMe and its Hong Kong mobile banking app. Both platforms already sit on millions of phones across the city.
Consequently, HSBC can reach retail users and merchants without building fresh distribution. The bank also plans to link the token to selected tokenized investment products. In contrast, Anchorpoint is assembling an open network through exchanges and payment partners. One approach leans on an existing consumer base, while the other leans on neutrality. The next year will show which one converts into real volume.
The Real Test: Competing With Dollar Stablecoins
HKDAP enters a market that dollar tokens dominate almost entirely. USD-pegged stablecoins account for roughly 99% of global stablecoin value. That market pushed past $300 billion in early 2026. Tether’s USDT holds close to 60% of supply on its own, and USDC adds roughly another fifth.
Therefore, a Hong Kong dollar token cannot compete on trading liquidity. Its case rests elsewhere, specifically on local settlement, tokenized asset distribution, and regulated cross-border payments. The HKD peg to the US dollar also gives holders indirect dollar exposure without a US-issued token. Ultimately, success depends on whether businesses actually move money with it. Licences and reserves solve trust, but they do not create demand.
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