Anchorpoint, a venture backed by Standard Chartered, Animoca Brands and Hong Kong Telecommunications, began limited beta access to HKDAP, its Hong Kong dollar stablecoin, on Ethereum mainnet. The move comes four months after the consortium received one of two issuer licenses granted by the Hong Kong Monetary Authority.
HashKey Exchange and OSL Group are authorized to mint and redeem HKDAP for eligible institutions and professional investors. HashKey reported completing its first mint and redemption transaction on the network. Anchorpoint said retail access could begin as early as the end of 2026, pending regulatory approval.
Anchorpoint received its license in April 2026 alongside Jump Crypto's Hong Kong Dollar Token initiative, marking the first two stablecoin issuers approved under the territory's regulatory framework. Standard Chartered, one of Asia's largest banks, holds a minority stake in Anchorpoint and provides operational infrastructure. The bank has been developing digital asset services in Hong Kong since 2023, when it launched a tokenization platform for institutional clients.
Animoca Brands, the Hong Kong video game and blockchain company, joined as a co-founder to expand HKDAP's use cases in gaming and digital entertainment. HKT, the telecom operator owned by Richard Li's Pacific Century, added distribution channels and merchant networks through its consumer base. The combination positions HKDAP as a bridge between Hong Kong's banking system and on-chain finance without requiring new blockchain infrastructure.
Ethereum mainnet deployment gives HKDAP access to major decentralized finance protocols and institutional settlement rails. The stablecoin competes with other fiat-backed tokens operating in the territory, including USD Coin and Tether's USDT, both of which were issued before the new licensing regime took effect. No other Hong Kong dollar stablecoin has yet begun operations under the new framework.
Anchorpoint's retail timeline depends on completing compliance with know-your-customer rules and anti-money-laundering requirements for consumer onboarding. The firm has not disclosed reserve backing arrangements or audit procedures for HKDAP collateral, which would be required disclosures under Hong Kong Monetary Authority guidance.
The stablecoin's beta phase and the appointment of two major cryptocurrency exchanges as sole distributors show Anchorpoint using existing institutional infrastructure rather than direct consumer apps. If retail access does not launch by year-end 2026, the delay would point to either regulatory friction or merchant adoption falling short of internal forecasts.
