Standard Chartered-backed Anchorpoint Financial has begun rolling out a regulated Hong Kong dollar stablecoin, initially giving institutional distributors and professional investors access to a digital currency designed for payments, settlement and tokenized financial markets.
The launch moves Hong Kong's stablecoin push from licensing into real-world deployment and gives businesses an alternative to a global market overwhelmingly dominated by tokens tied to the U.S. dollar. Anchorpoint plans to broaden access to retail users as early as the end of 2026, depending on market conditions.
Called HKD At Par, or HKDAP, the stablecoin is pegged one-to-one to the Hong Kong dollar and operates on public blockchain infrastructure. During the beta phase, eligible users can access the token through authorized distributors rather than directly from Anchorpoint.
Anchorpoint is positioning HKDAP as digital money rather than an investment product. The company says the token does not pay interest and is designed to facilitate payments, capital transfers and settlement of tokenized financial instruments.
Anchorpoint's product information shows that every HKDAP in circulation is backed by a pool of high-quality, highly liquid reserve assets held separately from the company's operational assets. Standard Chartered Trustee (Hong Kong) holds those reserves in trust for HKDAP holders.
The structure is intended to keep each token redeemable for HK$1 while allowing it to move across blockchain-based financial systems. Anchorpoint says HKDAP can be used around the clock for transferring capital and settling tokenized instruments, as well as in wallets, cards and applications.
The initial rollout is deliberately narrow. Reuters reported that authorized distributors will handle conversions between HKDAP and fiat currency for institutions, companies and professional investors while integrating the token into commercial and financial applications.
Anchorpoint CEO Dominic Maffei said the immediate focus is on commercial applications that can demonstrate the usefulness of regulated tokenized money, particularly in payments and settlement.
Rather than building a direct-to-consumer network from scratch, Anchorpoint is using a business-to-business-to-consumer model in which authorized distributors provide access through their existing platforms and customer relationships.
HashKey Exchange and OSL Group are among the first distributors participating in the beta rollout, CoinDesk reported, allowing eligible institutional and professional clients to mint and redeem HKDAP.
That approach could help Anchorpoint connect its stablecoin with Hong Kong's existing digital-asset infrastructure while keeping access within regulated channels. The company says customers must complete the account-opening and know-your-customer requirements imposed by the distributor they use.
HKDAP is initially available on the Ethereum mainnet, according to Anchorpoint. The company expects access to expand after the beta period, with its current plan calling for a full launch that would include retail users once the supporting infrastructure is ready.
The Block reported that Anchorpoint is also targeting cross-border payments and the settlement and distribution of tokenized real-world assets during the first phase, areas where stablecoins are increasingly being explored as an alternative settlement layer.
The rollout follows a major regulatory milestone for Hong Kong. The Hong Kong Monetary Authority in April awarded its first stablecoin issuer licenses to Anchorpoint and HSBC, bringing major traditional financial institutions into the territory's regulated digital-currency market.
