Mary Huen, CEO of Standard Chartered Hong Kong and Greater China, confirmed that the Hong Kong dollar stablecoin HKDAP, developed by Anchorpoint Financial, will now be launched in August. The project missed its earlier target of second quarter or late July, as the team continues to refine the stablecoin after receiving the issuer license from the Hong Kong Monetary Authority in April.
Anchorpoint has been running tests on public blockchain infrastructure to prepare HKDAP for broader use cases, including cross-border payments and tokenized assets. Huen highlighted the real-world hurdles companies face with international settlements, citing limited hours and high fees in traditional systems. HKDAP aims to offer a more efficient alternative for businesses operating globally.
The stablecoin will follow a phased rollout under Hong Kong’s licensing rules, issued via approved partners in a B2B2C framework rather than directly to consumers. Each token will be backed one-to-one by Hong Kong dollars held in segregated reserve accounts, meeting the stringent requirements of the local regulator. This structured approach seeks to build trust and regulatory compliance while expanding stablecoin utility in the region.
While the delay disappointed some, ongoing development and testing signal serious commitment from Anchorpoint and its backers, including Standard Chartered, HKT and Animoca Brands, all early recipients of issuance licenses under Hong Kong’s Stablecoins Ordinance. The move reflects a careful approach to ensure HKDAP is ready for commercial adoption with authorized distributors set to be announced alongside the launch.
This content is for informational purposes only and does not constitute financial advice.
