Anchorpoint Financial has launched the first phase of its Hong Kong dollar-backed stablecoin, HKD At Par (HKDAP), moving the token into beta access for institutional distributors and professional investors.
The rollout marks the first live phase of the Standard Chartered-backed venture’s stablecoin project, around four months after the Hong Kong Monetary Authority (HKMA) granted Anchorpoint one of the city’s first stablecoin issuer licences.
Anchorpoint said the beta phase will allow authorised distributors and selected users to integrate HKDAP into commercial applications, with an initial focus on payments, settlement and tokenised asset use cases.
HKDAP Enters Institutional Rollout Through Authorised Distributors
Anchorpoint will use a business-to-business-to-consumer model, allowing authorised distributors to support conversions between HKDAP and fiat currencies for institutions, corporate users and professional investors. Dominic Maffei, Anchorpoint’s chief executive and co-founder, said the company’s immediate focus is developing commercial applications that demonstrate the value of regulated tokenised money.
OSL Group is among the first authorised distributors involved in the rollout. Trading under stock code 863 in Hong Kong, OSL will provide fiat conversion, trading and settlement support through its Hong Kong platform, offering eligible clients on- and off-ramp services between fiat currency and HKDAP. The company said it would prioritise tokenised finance and trade finance as its first use cases, with cross-border payments among the near-term targets.
The launch follows a May test between Anchorpoint and OSL that involved HKDAP transfers on Ethereum Mainnet. The test covered the token’s minting, transfer and redemption process, alongside the movement of Hong Kong dollar funds into reserve assets, drawing on Standard Chartered’s banking infrastructure. Anchorpoint plans to expand HKDAP access beyond professional investors and institutional users later in 2026, with retail availability targeted by the end of the year depending on market conditions.
Hong Kong Expands Regulated Stablecoin Market
Anchorpoint received licence FRS01 from the HKMA in April alongside HSBC, becoming one of the first two issuers approved under Hong Kong’s Stablecoins Ordinance, which took effect on August 1, 2025. The regulator selected the pair from a field of dozens of applicants, signalling a preference for issuers with established compliance systems and links to the existing monetary framework.
The framework requires licensed stablecoin issuers to fully back circulating tokens with reserve assets held in segregated high-quality liquid assets. Regulators have positioned bank-linked HKD stablecoins as long-term infrastructure for payments, trade finance and settlement, part of a wider effort to reduce reliance on offshore tokens for regional transactions.
The HKMA previously warned investors about fraudulent tokens using the HKDAP and HSBC names before either company had launched a product. The regulator said only licensed issuers could offer stablecoins under the new framework.
HSBC has since advanced other blockchain initiatives in Hong Kong, including the issuance of a digitally native structured product, although its own Hong Kong dollar stablecoin remains under development. With HKDAP now entering beta access, Anchorpoint is shifting from regulatory approval and testing toward commercial adoption within Hong Kong’s digital asset ecosystem.