A Hong Kong dollar-pegged stablecoin backed by Standard Chartered Bank (Hong Kong) could enter public circulation within the next two weeks, according to local media reports citing market sources.
The stablecoin, HKDAP, is expected to be issued through Anchorpoint Financial Technology, a joint venture between Standard Chartered Bank (Hong Kong), HKT, and Animoca Brands, and one of the first two companies to receive a stablecoin issuer license from the Hong Kong Monetary Authority in April.
If confirmed, the launch would move the project from regulatory approval to public issuance after months of technical and operational preparation under Hong Kong’s Stablecoins Ordinance. That preparation included a successful Ethereum mainnet transfer test in May, conducted with licensed platform OSL Group and trading firm PantherTrade, ahead of the current rollout timeline.
Anchorpoint previously said HKDAP would be introduced in phases during Q2 2026. The company also stated that every token would be backed one-to-one by Hong Kong dollar reserves held in segregated accounts, in line with HKMA rules for fiat-backed stablecoins.
Anchorpoint’s April announcement targeted a phased rollout beginning in the second quarter of 2026, a window that closed at the end of June without a public launch.
Standard Chartered backed Anchorpoint set to launch HKDAP stablecoin pic.twitter.com/cup42wBqzJ
— Joe (@CryptoWithJoe) July 20, 2026
What HKDAP’s debut means for regulated digital payments
HKDAP’s launch could become one of the first real-world tests of Hong Kong’s new stablecoin licensing regime. Unlike unregulated stablecoins, licensed issuers must fully back their tokens with high-quality reserve assets, segregate customer funds, and meet capital, redemption, and disclosure requirements set by the Hong Kong Monetary Authority (HKMA). These rules are designed to ensure that users can redeem stablecoins at par value while reducing the risk of reserve shortfalls.
The launch also shows a pathway toward regulated digital payments. For example, stablecoins such as USDC are already used for cross-border transfers, crypto trading, and settlements, while Animoca Brands president Evan Auyang has called a properly regulated HKD stablecoin ‘crucial for Hong Kong’s financial infrastructure,’ positioning HKDAP as a bridge for cross-border trade and 24/7 settlement.
Hong Kong’s regulated stablecoin still has to prove it will be used
Although several HKD-pegged token projects and pilot programs have appeared over the years, crypto activity in the city has largely depended on U.S. dollar-backed stablecoins such as USDT and USDC.
HKDAP’s success, however, will depend on adoption rather than approval. If banks, payment providers, and tokenized asset platforms begin settling transactions in HKDAP instead of relying on dollar-backed stablecoins, Hong Kong could build a domestic on-chain payment network centred on its own currency. If businesses see little advantage in switching, HKDAP may remain a regulated alternative rather than becoming the preferred stablecoin for payments and settlements.
The expected launch also comes as Hong Kong pushes deeper into regulated digital finance. Earlier this month, HashKey Exchange, Shanghai Commercial Bank, and Visa unveiled one of Asia’s first co-branded credit cards linking a licensed digital asset exchange with a traditional bank.
Also Read: Hana Financial and Standard Chartered Forge Global Alliance for Digital Assets
Can it challenge dollar-dominated stablecoins?
The global stablecoin market remains heavily concentrated around U.S. dollar assets.USDT and USDC account for the majority of stablecoin activity, benefiting from deep liquidity and widespread adoption across exchanges, DeFi platforms, and payment networks. HKDAP will face a difficult challenge competing in a market where dollar-based stablecoins already have a significant advantage.
However, supporters argue that local-currency stablecoins could serve a different purpose. A Hong Kong dollar-backed token could improve domestic payments, support cross-border settlement with regional partners, and provide infrastructure for tokenized assets issued in Hong Kong.
The stablecoin could also play a role in Hong Kong’s real-world asset (RWA) tokenization efforts. As financial institutions experiment with tokenized bonds, funds, and other assets, regulated digital currencies could provide the settlement layer needed for these markets.
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