HKDAP, a Hong Kong dollar-backed stablecoin issued by Standard Chartered-backed venture Anchorpoint, began its phase 1 institutional rollout on August 12, 2026.
The launch gives authorized distributors and professional investors initial access to HKDAP through Beta Access, four months after Anchorpoint received one of Hong Kong’s first two stablecoin issuer licenses from the Hong Kong Monetary Authority in April 2026.
Anchorpoint is a joint venture between Standard Chartered Bank Hong Kong, HKT, and Animoca Brands.
Anchorpoint Opens HKDAP to Institutional Distributors
Anchorpoint’s own announcement describes phase 1 as a B2B2C model. Authorized distributors will handle conversion between HKDAP and fiat currency for institutions, corporate users, and professional investors, using their existing client networks rather than opening the token to retail users right away.
Anchorpoint says its initial use cases center on cross-border payments and the settlement of tokenized real-world assets, a goal similar to what Western Union pursued when it moved its remittance rails onto public blockchain infrastructure with broader retail access targeted as early as late 2026 depending on market conditions.
HashKey Exchange became one of the first authorized distributors named in the rollout. According to the joint announcement from HashKey and Anchorpoint, HashKey completed its first HKDAP minting and redemption transaction with eligible clients, including fiat on- and off-ramp services.
OSL Group also joined as an authorized distributor through OSL HK, its licensed Hong Kong exchange, supporting fiat-to-HKDAP conversion and settlement services.
Institutions First, Retail Access Still on Hold
Access to HKDAP during Beta stays limited to institutions and professional investors moving funds through authorized distributors like HashKey and OSL.
Retail crypto users on Hong Kong-licensed exchanges cannot yet convert into or out of HKDAP directly, and Anchorpoint has tied wider retail availability to market conditions and to how many additional ecosystem partners become operationally ready, with a target as early as the end of 2026.
Whether that timeline holds will depend on how quickly distributors beyond HashKey and OSL activate their own HKDAP access, a pace worth watching alongside the latest crypto news coming out of Hong Kong’s regulated stablecoin market this year.
What this means for you: A regulated, bank-backed digital Hong Kong dollar is now live in limited form, and it signals the kind of institutional plumbing that could eventually support faster, cheaper cross-border settlement for everyday crypto users too.
This article is for informational purposes only and does not constitute financial advice. Do your own research before making any investment decisions.
