The institutional testing phase has officially begun. Crypto exchange HashKey Exchange announced its position as the official distributor of HKDAP, a Hong Kong dollar-based stablecoin owned by Anchorpoint Financial. In this initial launch, the beta version is offered on a limited basis. Access is only open to institutional clients and eligible professional investors, both through the HashKey network and other supported channels.
HashKey stated that they have completed the initial transaction cycle. They processed the first HKDAP minting and redemption requests with eligible clients. The transaction also includes support for fiat currency conversions in and out. Dubbed “HKD At Par”, HKDAP is a fully regulated stablecoin designed to serve as tokenized money to streamline payment systems and corporate financial transactions.
Combination of Traditional Banks and Web3 Entities
The name Anchorpoint Financial behind HKDAP stands with strong capital support and network. This entity is a joint venture resulting from a collaboration of three major parties: Standard Chartered Bank Hong Kong, telecommunications services provider HKT, and Web3 industry developer Animoca Brands. They established the joint venture in April 2025, exactly two months after Standard Chartered and Animoca first introduced the idea of issuing a local stablecoin to the market.
The decision to move quickly has put Anchorpoint at the forefront. They are among the first batch of entities to receive an official stablecoin issuer license directly from the Hong Kong Monetary Authority (HKMA). Armed with this operating license, their future plans center on expanding distribution points. They are also prepared to test the use of HKDAP for cross-border payment services, institutional transaction settlement, and the tokenized finance sector.
Targeting Trillion-Dollar Scale Market Potential
The room for growth for this new asset has already been measured. A 2025 report from Citi bank estimates that the specific circulation value of HKD-denominated stablecoins could swell to $16 billion. This projection refers to the condition when the new licensing regime in Hong Kong is fully operational and the industry begins to adopt it as an operational standard.
The market opportunity extends far beyond Hong Kong’s borders. Market data from Bernstein analysts noted that the combined transaction volume of the two major players, USDC and USDT, surpassed the $3.8 trillion range in the first quarter of 2026 alone. This scale of money traffic serves as a clear indicator of the transaction volume Anchorpoint is targeting through the development of the HKDAP utility functions.
Chasing the dominance of USDC and USDT might sound ambitious for a newcomer. However, the step to form this consortium sends a clear signal: mainstream financial institutions are tired of being bystanders to blockchain money flows and have decided to launch their own payment infrastructure.
Reported by Cointelegraph.
Also read: What Is DeFi (Decentralized Finance)?
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
