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AnchorPoint Financial, a joint venture involving Standard Chartered, HKT and Animoca Brands, has started the first phase of its Hong Kong dollar-backed stablecoin rollout. The company launched Beta Access for HKD At Par, or HKDAP, on August 12, initially limiting access to institutional distributors and professional investors.
The rollout follows AnchorPoint’s stablecoin issuer license from the Hong Kong Monetary Authority in April. AnchorPoint had already minted HKDAP and completed live transfer tests on a public blockchain during the second quarter before beginning the first commercial phase.
HKDAP Opens First to Institutional Users
Authorized distributors will provide conversion between HKDAP and fiat currency for institutions, corporate users and professional investors. AnchorPoint said these distributors will use their existing client networks to integrate the stablecoin into commercial and financial applications. AnchorPoint CEO Dominic Maffei said the initial focus includes developing payment and settlement applications for regulated tokenized money. He stated:
“The phase 1 rollout brings HKDAP into practical use with initial distributors and institutional users.”
Stablecoin Targets Payments and Tokenized Assets
HKDAP has a par value of HK$1 and is designed to operate on public blockchain networks supported by AnchorPoint. AnchorPoint says its reserves must be worth at least 100% of the stablecoins in circulation and consist of assets permitted under Hong Kong’s regulatory framework.
The company says its initial use cases include cross-border payments and the settlement and distribution of tokenized real-world assets. AnchorPoint said HKDAP offers round-the-clock transfer and settlement capabilities, although the extent of adoption will depend on participating distributors and businesses.
Retail Access Could Follow by End of 2026
AnchorPoint is using a business-to-business-to-consumer model rather than opening HKDAP immediately to the public. The company said broader retail access could begin as early as the end of 2026, depending on market conditions and the addition of more ecosystem partners.
Hong Kong introduced its stablecoin licensing regime in August 2025, with AnchorPoint and HSBC receiving the first licenses in April 2026. AnchorPoint’s phased rollout moves HKDAP beyond testing into a limited institutional rollout ahead of any planned expansion to retail customers.
