Hong Kong's first regulated Hong Kong dollar stablecoin HKDAP went live on Wednesday, August 12, but with significant restrictions on accessibility. According to latest reports, Anchorpoint Financial opened HKDAP to institutions, corporate clients and professional investors on the launch date, while retail buyers are not part of this initial phase. The token represents a significant milestone in Hong Kong's digital financial infrastructure, though the city's Stablecoins Ordinance sets a high bar with requirements including HK$25 million (about $3.2 million) in paid-up capital and reserves that must sit apart from company money. Anchorpoint is moving in stages with retail access expected around end of 2026, though the firm has committed to no specific date and has published no supply or volume figures since launch.
The HKDAP subscription service now operates with daily cut-off time at 9:00 AM HKT and settlement processing on dealing days, subject to the issuer's operational arrangements. As reported by HashKey Exchange, the service offers zero platform fees for both subscription and redemption, with redemption fees waived during the promotional period valid until September 30, 2026. HashKey Exchange has completed its first minting and redemption transaction for the token, including conversions between HKDAP and fiat currency, demonstrating operational readiness. OSL Group has joined as an authorized distributor alongside HashKey Exchange, providing liquidity support, trading services, and fiat on-ramps to integrate the stablecoin into commercial activities. The service targets professional investors as eligible clients, with subscription orders processed through the HashKey Earn Channel. The expanded distribution network represents the next phase of HKDAP's commercial rollout, building upon the initial beta access phase that began with HashKey as a distribution partner.
Before the service launch, Anchorpoint tested HKDAP's transaction process on Ethereum Mainnet with OSL Group in May, covering the path from fiat funding through token issuance and final redemption. According to crypto.news, during the exercise, Hong Kong dollar funds moved through Standard Chartered's banking infrastructure into reserve assets before corresponding HKDAP tokens were minted. The Ethereum transfer test also involved PantherTrade, a licensed trading platform backed by Futu Holdings, testing the complete transaction cycle including fiat funding, reserve handling, minting, on-chain transfers, and redemption. This comprehensive testing ensured the stablecoin's operational readiness for live distribution, with the initiative prioritizing tokenized funds, trade finance, and cross-border payments during the current beta access phase. The latest insurance payment test further validates HKDAP's operational capabilities across different financial use cases.
HKDAP operates under Hong Kong's Stablecoins Ordinance, which took effect on August 1, 2025, and established a licensing system for issuers of fiat-referenced stablecoins. As reported by crypto.news, the regulator received 36 applications for stablecoin issuer licenses, with Anchorpoint and HSBC among the first two firms approved. Anchorpoint holds license FRS01 and is a subsidiary of Standard Chartered Bank (Hong Kong), with HKT and Animoca Brands as venture partners. The licensing system places requirements on reserve assets, redemption, governance, risk management and anti-money laundering controls. The institutional rollout follows the company's April licensing approval alongside HSBC, with Anchorpoint and HSBC among the first two firms to receive a stablecoin issuer license from the Hong Kong Monetary Authority after the regulator received 36 applications for stablecoin issuer licenses. Kevin Cui, Executive Director and Chief Executive Officer of OSL, stated this collaboration marks an important step in connecting digital asset markets with mainstream economic activity.
The partnership between Anchorpoint and HashKey reflects a shared commitment to building a trusted and interoperable ecosystem that supports innovation, adoption, and the long-term development of Hong Kong's digital financial infrastructure. Haiyang Ru, Chief Executive Officer at HashKey Exchange, stated that regulated HKD stablecoins have garnered significant market attention, and the platform will actively leverage its role as a connector to provide compliant, secure, and convenient market access for HKDAP. Dominic Maffei, Chief Executive Officer and Co-Founder at Anchorpoint, emphasized that distribution will play an increasingly important role in connecting tokenised money with real-world users and applications, stating that regulated stablecoins must "support real-economy applications" to achieve long-term success. The company plans to extend HKDAP to retail users as early as end of 2026, targeting broader financial applications beyond institutional distribution, with future expansion plans including support for new cross-border payment and settlement applications across additional markets. Beyond insurance, HashKey plans to work with financial institutions and other industry partners on HKDAP applications involving corporate payments and cross-border trade, identifying these areas alongside insurance as potential uses where a regulated Hong Kong dollar stablecoin could be added to existing payment processes.
