Anchorpoint Financial has begun rolling out HKDAP, Hong Kong's first regulated Hong Kong dollar stablecoin, with institutional and corporate buyers gaining immediate access while retail customers wait until late 2026. The token, which stands for "HKD At Par," is backed by Standard Chartered Bank, telecom operator HKT, and gaming firm Animoca Brands, with Standard Chartered holding the largest stake.

What Makes HKDAP Different From Dollar Stablecoins?

The stablecoin market is dominated almost entirely by US dollar tokens. USD-pegged stablecoins account for roughly 99% of global stablecoin value, with Tether's USDT holding close to 60% of supply and Circle's USDC adding roughly another fifth. HKDAP cannot compete on trading liquidity, so its value proposition rests 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 relying on a US-issued token.

HashKey Exchange completed the first minting and redemption transaction at launch, while OSL Group serves as an authorized distributor. For now, only institutions, corporates, and professional investors can convert between fiat and HKDAP. The business-to-business-to-consumer model means authorized distributors own the customer relationship, while Anchorpoint handles issuance and reserves.

How Did Hong Kong's Stablecoin Licensing Work?

The Hong Kong Monetary Authority (HKMA) granted its first stablecoin issuer licenses on April 10, 2026, awarding them to just two applicants: Anchorpoint and HSBC. The regulator had received 36 applications by the September 30, 2025 deadline, meaning roughly 94% of applicants walked away with nothing. Both winners share an unusual trait: each one already prints Hong Kong banknotes. HSBC and Standard Chartered sit among the city's three note-issuing banks, signaling that regulatory comfort outweighed crypto pedigree in this first round.

Hong Kong's Stablecoins Ordinance took effect on August 1, 2025, creating a licensing regime for issuers of fiat-referenced stablecoins. The framework imposes strict requirements on applicants:

• Capital Requirements: Applicants must hold at least HK$25 million in paid-up share capital and maintain HK$3 million in liquid capital, plus excess liquid capital covering twelve months of operating expenses.
• Reserve Rules: Every licensed issuer must back circulating tokens with reserves worth at least 100% of supply, consisting of high-quality liquid assets held in segregated accounts.
• Redemption Structure: Reserves must support reliable redemption at par, with Anchorpoint routing incoming Hong Kong dollars through Standard Chartered's banking infrastructure before minting any tokens.

Anchorpoint CEO Dominic Maffei framed the near-term goal around practical deployment, stating that the immediate focus is "supporting the development of commercial applications that demonstrate the value of regulated tokenised money in real-world settings". Early use cases center on payments, settlement, and tokenized real-world assets, with cross-border flows ranking high on the target list.

What's HSBC's Strategy, and How Does It Differ?

HSBC plans its own HKD stablecoin for the second half of 2026, but its approach differs sharply from Anchorpoint's. The bank intends to embed the token inside PayMe and its Hong Kong mobile banking app, both of which already sit on millions of phones across the city. This allows HSBC to reach retail users and merchants without building fresh distribution infrastructure. 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.

Success for either stablecoin depends on whether businesses actually move money with it. Licenses and reserves solve trust, but they do not create demand. The regulatory framework provides the foundation, but adoption will ultimately hinge on whether merchants, payment processors, and cross-border traders find practical value in using a Hong Kong dollar token instead of traditional banking channels.