Anchorpoint launches beta rollout of regulated HKD stablecoin

Anchorpoint Financial, a joint venture involving Standard Chartered Bank, HKT, and Animoca Brands, has launched the beta phase for its Hong Kong dollar-pegged stablecoin, HKD At Par (HKDAP). As one of the first entities to receive a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA), Anchorpoint is targeting institutional users, including corporations and professional investors.

Authorized distributors such as HashKey Exchange and OSL Group have enabled access to the HKDAP beta on the Ethereum mainnet. HashKey has already completed its first minting and redemption transactions, facilitating fiat on-and-off ramping for eligible clients. In a practical application test, HashKey and YF Life Insurance International Limited successfully completed a live transaction using real funds, exploring how the stablecoin could reduce insurance premium settlement times from days to near real-time.

The rollout follows Hong Kong’s implementation of a regulated stablecoin framework. While the project aims to facilitate cross-border payments and the settlement of tokenized real-world assets, experts note that institutions must still develop robust on-chain compliance and custody capabilities to compete with established US dollar-pegged tokens.