Anchorpoint, backed by Standard Chartered, has begun rolling out HKDAP, a Hong Kong dollar stablecoin for institutional users, according to an announcement from OSL Group. The stablecoin is backed by HKD deposits held in segregated accounts, the firm said on August 12.
Anchorpoint received a stablecoin issuer licence from the Hong Kong Monetary Authority, the first entity to do so under the city's regulatory framework for digital payment tokens. OSL Group, a licensed cryptocurrency exchange operator in Hong Kong, will serve as one of the first authorised distributors during the beta phase.
Standard Chartered has positioned itself as a lead investor in Anchorpoint's venture. The bank operates across 56 markets and manages approximately $950 billion in assets under administration. Hong Kong's 2023 regulatory overhaul established clear rules for stablecoin issuers and custodians, drawing institutional crypto infrastructure to the jurisdiction.
HKDAP testing is occurring on Ethereum, according to the announcement. The stablecoin targets institutional clients rather than retail users. OSL Group, which received its Money Services Operator licence in 2018 and has operated as a fully regulated exchange since 2020, has custody arrangements with institutional-grade vaults.
Hong Kong's stablecoin framework requires issuers to maintain full reserves and segregate customer funds. The HKMA has declined to authorise any other stablecoin issuer since the framework launched, leaving Anchorpoint as the sole licensed issuer for HKD-denominated digital tokens in the territory.
Anchorpoint targets institutional clients as its primary market. The stablecoin issuer licence and the distributed capital base of its backers position the project as an extension of traditional finance into blockchain settlement rather than a decentralised network. Standard Chartered's 160-year history in Asian banking gives the venture operational depth that most crypto-native stablecoin issuers lack.
The number of licensed stablecoin issuers operating under national frameworks has grown to five globally since 2023, with Anchorpoint holding the sole position in Hong Kong. If OSL Group expands HKDAP beyond beta testing within the next 12 months, the stablecoin's adoption by other licensed exchanges will indicate whether institutional demand in Hong Kong favours bank-backed tokens over peer-to-peer alternatives.
