Anchorpoint is choosing not to rush the rollout of a stablecoin for the general public in Hong Kong. Dominic Maffei, CEO of the joint venture formed by Standard Chartered, Animoca Brands, and HKT, stated that the firm does not want to be bound by an old timeline targeting the launch of a Hong Kong dollar (HKD) stablecoin for retail users by late 2026.
During a press conference on Friday, Oct. 24, 2026, Maffei declined to confirm whether that deadline still stands. The statement signals a departure from initial plans laid out when the banking and tech partnership was first announced in February 2025. For Maffei, launch speed is less urgent than the resilience of the payment infrastructure currently being built.
“We believe it’s important to build this market for the long term and sustainably,” Maffei told reporters. He emphasized that rushing “makes no sense” for the project. Holding back on the retail segment does not mean Anchorpoint lacks an operational product, however.
Focus on Institutional Foundations
Rather than immediately targeting the general public, Anchorpoint had already rolled out a stablecoin product tailored for institutional investors in August 2026. This early move into the corporate sphere aligns with local regulatory compliance. Anchorpoint and Standard Chartered have participated in the stablecoin issuer sandbox run by Hong Kong authorities since July 2024.
The three founding partners divide responsibilities based on their respective expertise. Standard Chartered manages the banking infrastructure, HKT provides extensive telecommunications network support in Hong Kong, while Animoca Brands contributes blockchain technology expertise and industry connections. Animoca is tasked with developing various stablecoin use cases within the Web3 ecosystem, bridging the payment asset with decentralized applications.
HSBC Opens Channel to 3.3 Million Customers
Anchorpoint’s cautious stance emerged just a day after a major move by its banking rival. HSBC officially launched RedCoin, its HKD stablecoin, directly to 3.3 million users of its PayMe digital wallet app on Friday, Oct. 24, 2026. While HSBC chose to directly test broad consumer market reception, Anchorpoint has postponed its timeline for the retail segment.
The stablecoin competition in Hong Kong extends beyond Standard Chartered and HSBC. HashKey is currently distributing HKDAP, a regulatory-licensed HKD stablecoin undergoing beta testing. HashKey’s involvement underscores that the race for the officially licensed HKD stablecoin market is heating up across various financial institutions taking distinct approaches.
For prospective users and market participants in Hong Kong, issuers’ moves now present two distinctly different access options. Some can directly use stablecoins through everyday digital wallet apps, while Anchorpoint’s services remain accessible only to corporate clients as they await the readiness of its retail system.
Reported by Cointelegraph.
Read also: What Is DeFi (Decentralized Finance)?
Previously: HSBC Brings RedCoin to 3.3 Million PayMe Users - Balances Excluded From Deposit Guarantee
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.
