Anchorpoint Financial has started the first phase of its Hong Kong dollar-backed stablecoin rollout, opening limited access to institutional distributors, corporate users and professional investors. The stablecoin, called HKD At Par or HKDAP, is being introduced as Hong Kong expands its regulated digital-asset market.
The project is backed by Standard Chartered, Animoca Brands and Hong Kong Telecommunications, better known as HKT. Anchorpoint plans to use a phased launch, with wider retail access possible as early as the end of 2026, depending on market conditions and the development of suitable commercial applications.
What Is HKDAP?
HKDAP is a stablecoin designed to maintain a value linked to the Hong Kong dollar. Stablecoins are digital tokens that aim to keep a stable price by connecting their value to a fiat currency, such as the Hong Kong dollar or US dollar.
The name HKD At Par refers to the token’s intended one-to-one relationship with the local currency. This structure is designed to make HKDAP useful for digital payments, settlement and other financial transactions where users need the speed of blockchain technology without the large price swings often seen in cryptocurrencies such as Bitcoin and Ether.
Unlike many privately issued crypto tokens, HKDAP is being launched under Hong Kong’s stablecoin regulatory framework. The Hong Kong Monetary Authority granted Anchorpoint a stablecoin issuer licence in April 2026. Anchorpoint was one of the first entities approved under the new regime, alongside HSBC.
Institutional Rollout Begins
The first stage of the launch is focused on business and financial users rather than the general public. During the beta phase, approved distributors and early users can begin testing HKDAP and exploring how it may fit into commercial applications.
Authorised distributors will support conversions between HKDAP and fiat currency for institutions, companies and professional investors. These distributors can use their existing customer networks to introduce the stablecoin to businesses that may benefit from faster digital settlement.
Anchorpoint chief executive and co-founder Dominic Maffei said the company’s immediate goal is to support commercial applications that show the value of regulated tokenised money. The main areas of focus include payments and settlement, according to Reuters.
This approach allows Anchorpoint to test the token in controlled settings before making it more widely available. It may also help the company identify technical, compliance and operational issues before retail users gain access.
How the Stablecoin Could Be Used
HKDAP could support several use cases across digital finance and the wider economy.
Payments and Settlement
Businesses may use the token to move money between counterparties on public blockchain networks. This could help reduce settlement delays, especially when transactions involve different systems or multiple financial institutions.
Corporate Transactions
Companies may use HKDAP for payments to suppliers, partners or service providers. A regulated digital Hong Kong dollar could make it easier to track transactions while preserving a clear connection to traditional currency.
Tokenised Assets
Stablecoins are also important in the tokenisation of real-world assets. These assets may include funds, bonds, property interests or other financial products represented on a blockchain. HKDAP could provide the payment leg for buying and selling these tokenised instruments.
Digital-Asset Trading
A Hong Kong dollar-backed stablecoin could eventually serve as a settlement asset on digital-asset platforms. Traders and institutions may use it to move between fiat-linked value and other crypto assets without relying on a US dollar stablecoin.
However, the initial rollout is limited. Anchorpoint has not announced that HKDAP will immediately be available to all retail customers or across every crypto exchange.
Why Hong Kong Is Encouraging Stablecoins
Hong Kong has been working to build a regulated digital-asset industry. Its Stablecoins Ordinance came into effect in August 2025, creating a legal framework for companies that issue fiat-backed stablecoins in the city.
The framework is intended to provide clearer rules for issuers while protecting users and supporting financial stability. Licensed issuers must operate within regulatory requirements rather than launching tokens without formal oversight.
For Hong Kong, regulated stablecoins may support both local and cross-border financial activity. The city is also seeking to strengthen its role as a bridge between traditional finance, mainland China-linked markets and the global digital-asset sector.
The participation of a major international bank gives the Anchorpoint project added significance. Standard Chartered brings banking experience, while HKT provides telecommunications expertise and Animoca Brands contributes knowledge of blockchain and Web3 ecosystems.
Retail Access May Come Later
Anchorpoint has indicated that broader retail use could begin as early as the end of 2026. That timeline is not guaranteed and will depend on market conditions, product readiness and regulatory considerations.
A retail launch would place greater demands on the stablecoin’s user experience and customer support. Consumers would need simple ways to acquire, store and use HKDAP. They would also need clear information about redemption, transaction fees, wallet security and the risks linked to blockchain transfers.
Retail access may start through selected applications and distributors rather than through an unrestricted public release. This would allow Anchorpoint and its partners to expand the system gradually.
A New Test for Regulated Digital Money
The launch of HKDAP represents an important test for regulated stablecoins in Hong Kong. Its success will depend on more than the strength of its backers. Businesses must find real value in using the token, and users must trust that it can be converted into Hong Kong dollars when needed.
The project also faces competition. Other banks, payment companies and stablecoin issuers may introduce their own products as Hong Kong’s rules become more established. Each issuer will need to compete on liquidity, reliability, distribution and the number of supported applications.
For now, Anchorpoint is taking a careful business-to-business-to-consumer approach. The first phase focuses on institutions and professional users, while future stages may bring HKDAP to a wider audience.
If the rollout gains traction, HKDAP could become part of Hong Kong’s emerging digital payments and tokenised-finance infrastructure. It may also show how traditional banks can work with blockchain companies to bring regulated digital money into real-world financial activity.
