On August 12, 2026, Anchorpoint — the joint venture led by Standard Chartered — launched beta access to its Hong Kong dollar-pegged stablecoin, HKDAP (Hong Kong Dollar At Par), marking a concrete step in Hong Kong’s strategy to become a global hub for digital assets.
🔑 Key Takeaways
- HKDAP is now accessible in beta phase to institutions via HashKey Exchange and OSL Group
- The license was granted on April 10, 2026 by the Hong Kong Monetary Authority (HKMA)
- Regulatory requirements mandate a minimum paid-up capital of HKD 25 million (USD 3.19 million) and 100 % reserve backing
- HSBC is preparing its own stablecoin for H2 2026
- The global stablecoin market has a combined capitalization of nearly USD 287 billion
Beta Access Initially Reserved for Institutions
One of the World’s Strictest Regulatory Frameworks
The Hong Kong Monetary Authority granted the first stablecoin issuer licenses to HSBC and the Standard Chartered-led consortium on April 10, 2026, marking a significant decision in the city’s strategy to become a global hub for digital assets. The regulatory process began with a discussion paper published in January 2022, which received over 100 responses, followed by 36 license applications after the Stablecoins Ordinance took effect in August 2025.
« Both candidates have experience in traditional finance and risk management, which aligns with the mission of stablecoins that aim to bridge traditional finance and digital finance. »
Darryl Chan, Deputy Chief Executive, HKMA
The framework imposes strict requirements on candidates. To be eligible, issuers must meet several fundamental criteria:
| Requirement | Details |
|---|---|
| Legal structure | Locally incorporated company or authorized institution |
| Minimum paid-up capital | HKD 25 million (USD 3.19 million) |
| Reserve backing | 100 % backed by high-quality, segregated reserve assets |
| Governance | Bank-quality governance with key personnel in place |
| Risk management | Robust liquidity and cybersecurity frameworks |
| Anti-money laundering | Strict AML/CFT controls |
Daryl Ho, Executive Director for Monetary Management at the HKMA, stated at a press briefing that the authority was « open but cautious » about issuing additional licenses in the future, adding that the number of additional licenses would be « very limited. » This position reflects Hong Kong regulators’ desire to maintain high standards while fostering innovation.
It is worth noting that Hong Kong’s rules prohibit issuers from paying interest or similar incentives to token holders, removing a revenue lever used by some foreign models such as algorithmic stablecoins.
Anchorpoint’s Ambitions for the HKDAP Ecosystem
Anchorpoint plans to use distributors and commercial partners to integrate the token into payments, settlements, and other financial applications. The company also intends to extend HKDAP to retail users by the end of 2026, as indicated during its announcement.
« At Anchorpoint, we focus on empowering the ecosystem with a secure, accessible, and regulated form of tokenized money that can be used to rethink how financial transactions are conducted and how new infrastructure can be powered to deliver real benefits to institutions and individuals. »
Dominic Maffei, Managing Director, Anchorpoint
Bill Winters, Group Chief Executive at Standard Chartered, highlighted the initiative’s importance for the future of digital assets: « The issuance of HKDAP by Anchorpoint provides a powerful regulated exchange medium that will foster the rewiring of our financial markets and contribute to promoting the next generation of international trade. By combining Hong Kong’s regulatory rigor with the efficiency of public blockchain technology, we are getting closer to a world where assets are natively digital, transparent, and settled instantly. »
Mary Huen, Chief Executive Officer, Hong Kong and North Asia, Greater China at Standard Chartered, added: « As the major shareholder, Standard Chartered is truly honored that Anchorpoint is among the first institutions to receive a stablecoin issuer license from the HKMA. This breakthrough not only reveals a new chapter for Hong Kong in advancing its digital assets ecosystem but also underscores our long-standing commitment to innovation. It brings together our deep heritage as Hong Kong’s oldest note-issuing bank with our strong global track record in digital assets development. »
HSBC Prepares to Launch Its Own Stablecoin
The other initial licensee, HSBC, is preparing its own stablecoin for the second half of 2026 and may distribute it through PayMe, the mobile payment application that serves 3.3 million users in Hong Kong. Maggie Ng, Chief Executive Officer, HSBC Hong Kong, stated that stablecoins would not pay interest but would enable fast settlement, while the bank or merchants could offer rewards to encourage usage. Next year, HSBC could expand to stablecoins pegged to other currencies.
« The banknote-issuing banks’ stablecoin pilot is a prudent and visionary step that cements stablecoins as a central pillar of Hong Kong’s Web3 ecosystem. »
Livio Weng, Managing Director, Bitfire
Hong Kong in Pole Position Against International Competition
Hong Kong adopted stablecoin legislation in May 2025, nearly two months before the US GENIUS Act was enacted, placing the city among the first major financial markets to adopt a dedicated stablecoin framework. This regulatory head start positions Hong Kong as a major player in the global race for asset tokenization.
The global stablecoin market has a combined capitalization of nearly USD 287 billion today. USDT and USDC represent more than 90 % of stablecoin market value and trading volume, with dollar-pegged coins accounting for 98 % of the total market. HKDAP’s entry into this market dominated by US dollar stablecoins therefore represents a significant challenge, but also an opportunity for geographic diversification.
However, a major obstacle stands in the way of regional expansion. On February 6, 2026, eight Chinese regulatory bodies, including the People’s Bank of China, published a notice tightening rules on virtual currencies and real-world asset tokenization. The directive prohibits any domestic or foreign entity or individual from issuing yuan-linked stablecoins without prior approval, explicitly covering offshore vehicles of domestic institutions.
This decision effectively withdrew the mainland market from the scope, dashing issuers’ hopes of capturing demand for yuan-pegged coins. Many names initially linked to China, from financial giants such as Bank of China to technology groups such as Ant International and JD.com, have withdrawn or pivoted to partnerships with non-Chinese issuers. This situation paradoxically strengthens Hong Kong’s position as a neutral center for stablecoins in Asia, capable of serving international markets without Chinese regulatory constraints.
Outlook and Scenarios for HKDAP
The launch of HKDAP in beta phase represents a major advancement for the stablecoin ecosystem in Hong Kong. With support from Standard Chartered, Animoca Brands, and HKT, Anchorpoint has a solid network to develop token adoption. The extension to retail users by the end of 2026 could significantly accelerate adoption, especially if HSBC simultaneously launches its own stablecoin through PayMe.
Challenges remain significant: competition from US dollar stablecoins dominating the market, regulatory restrictions in China limiting regional expansion, and the need to demonstrate sufficient adoption to ensure token liquidity and stability. Hong Kong’s strategy of focusing on regulated players from traditional finance could, however, reassure institutions and accelerate the integration of stablecoins into the existing financial system.
Sources
- CoinDesk – Standard Chartered-led Anchorpoint Launches Hong Kong Dollar Stablecoin
- Asia Asset – Hong Kong Sets High Bar for Stablecoin Issuance with First Licences
- Reuters – Hong Kong Grants First Stablecoin Licences
- Caixin Global
- Standard Chartered – Press Release
- South China Morning Post
This article is published for informational and educational purposes only. It does not constitute investment advice in any way. Conduct your own research (DYOR) before making any decisions.
