Standard Chartered JV Launches HKD-Backed Stablecoin for Institutional Investors
SCMP · 1 SOURCESabout 2 hours ago2 MIN
Summary
A Standard Chartered-led joint venture launched institutional use of Hong Kong dollar-backed stablecoins on Wednesday, one year after the city implemented its stablecoin ordinance aimed at establishing a global digital asset hub. Anchorpoint Financial, the Hong Kong-licensed stablecoin issuer formed by Standard Chartered, Animoca Brands and HKT, began the first phase of its HKDAP coin rollout via beta access, enabling initial distributors and users to integrate the regulated cryptocurrency into commercial applications. Retail use of the stablecoin is expected as early as end-2026, subject to market conditions and regulatory guidance.
Key Points
- Joint venture comprising Standard Chartered, Animoca Brands and HKT formed Anchorpoint Financial as licensed stablecoin issuer
- HKDAP coin, standing for "Hong Kong dollar at par," launched in beta phase on Wednesday for institutional and professional investors
- Authorized distributors can now offer conversion between HKDAP and fiat currency for institutions, corporate users and professional investors
- Hong Kong's stablecoin ordinance took effect on August 1, 2024, with HKMA granting first licences to HSBC and Anchorpoint in April 2025
- HSBC announced plans in April to launch Hong Kong dollar-pegged stablecoins in the second half of 2025
Why It Matters
The launch positions Hong Kong to compete with other financial centres in the tokenized assets space while Beijing's February ban on onshore real-world asset tokenization has shifted such activity offshore to jurisdictions like Hong Kong . The Anchorpoint venture's phased, compliant approach reflects the Hong Kong Monetary Authority's cautious stance on digital currency adoption while signaling the city's commitment to becoming a regulated hub for digital assets .
The launch positions Hong Kong to compete with other financial centres in the tokenized assets space while Beijing's February ban on onshore real-world asset tokenization has shifted such activity offshore to jurisdictions like Hong Kong . The Anchorpoint venture's phased, compliant approach reflects the Hong Kong Monetary Authority's cautious stance on digital currency adoption while signaling the city's commitment to becoming a regulated hub for digital assets .