First Phase Begins for Standard Chartered-Backed Stablecoin: Beta Access Opened to Institutions

Anchorpoint, backed by Standard Chartered, has launched the first phase of distribution for its Hong Kong dollar-backed HKDAP stablecoin, covering institutional distributors and professional investors.

Anchorpoint announced on Wednesday that beta access to HKDAP has been opened. The company, a subsidiary of Standard Chartered Bank, is launching the stablecoin project through a joint venture established with HKT and Animoca Brands.

In April, the company became one of the first two entities to receive a stablecoin issuance license from the Hong Kong Monetary Authority (HKMA). While HSBC was the other license holder, a total of 36 applications were submitted to the regulatory body. Anchorpoint has designated the initial use cases for HKDAP as cross-border payments and the transfer and distribution of tokenized real-world assets.

Initial Use Cases for HKDAP Announced

Authorized distributors will offer conversion services between HKDAP and fiat currencies for institutions, corporations, and professional investors. Dominic Maffei, CEO of Anchorpoint, stated they are pleased with the market interest in the project and aim to expand use cases alongside their partners.

HashKey Exchange, Hong Kong’s largest licensed cryptocurrency exchange, confirmed it has joined the project as a distribution partner. The exchange also completed the first HKDAP issuance and redemption transaction. Anchorpoint has signed agreements with authorized distributors and use-case partners from the finance and payment sectors.

The project was launched following a test conducted with OSL Group in May. In the test on the Ethereum mainnet, the process of transferring Hong Kong dollar funds into reserve assets via Standard Chartered’s infrastructure, as well as the minting, sending, and complete redemption of tokens, was trialed. HKDAP operates under the Hong Kong stablecoin regulations set to take effect in August 2025.