The Hong Kong dollar has moved a step closer to the public decentralized finance ecosystem. Anchorpoint Financial Technology, an entity backed by a consortium of banking, telecommunications, and Web3 players including Standard Chartered Bank (HK), HKT, and Animoca Brands, is preparing to launch a new stablecoin called HKDAP. The token is pegged 1:1 to the Hong Kong dollar.
According to local market sources, a joint announcement from the project’s backers is scheduled before the end of July 2026. This move solidifies Anchorpoint’s standing as one of the first two firms to secure a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA) in April. The other initial issuer to secure a similar license from the HKMA was HSBC.
Trials Completed on Ethereum Mainnet
On the technical infrastructure side, HKDAP’s development has progressed beyond the simulation stage. In May, the development team completed transfer trials on the Ethereum mainnet. The transaction validation process was not conducted alone, but in collaboration with other crypto industry players, namely OSL Group and Futu Holdings-affiliated trading platform PantherTrade.
The results of the test transactions demonstrated HKDAP’s real-world technical capabilities. The token can be issued, transferred, and settled on a public blockchain using production-grade infrastructure. To prevent a closed system, HKDAP’s architecture is designed to be interoperable - ready to connect with digital wallets, crypto exchanges, and various DeFi applications operating in the open market.
Distribution Flow and Collateral Security
In its operations, the value of each HKDAP token is fully backed by high-quality Hong Kong dollar reserves. These collateral funds are held in a segregated account to ensure the reserve assets remain intact and insulated from the issuer’s operational cash flows.
Regarding its distribution strategy, Anchorpoint is adopting a B2B2C model. The token will be distributed through institutional channels or business-to-business entities first before reaching retail consumers. This collaborative initiative serves as a crucial boost for Hong Kong in developing licensed digital payment assets. Amid competitive crypto jurisdiction dynamics across Asia, Hong Kong is preparing an exchange instrument that provides regulatory certainty while integrating seamlessly with the flexibility of global Web3 infrastructure.
Source: crypto.news.
Read also: 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.
