Anchorpoint, a subsidiary of Standard Chartered, has started the beta phase for issuing its HKDAP stablecoin through Hong Kong-licensed digital asset exchanges HashKey and OSL. The launch follows the Hong Kong Monetary Authority’s decision in April to grant the first two stablecoin issuer licenses to Anchorpoint and HSBC.

The rollout marks the first issuance of a stablecoin under Hong Kong’s regulatory framework. For now, access is limited to institutions, corporates and professional investors, while broader retail availability may come later.

First launch under the new regime

The beta release is a first practical test of Hong Kong’s stablecoin licensing system. According to the source report, Anchorpoint’s HKDAP is the first Hong Kong-regulated stablecoin to be issued after the HKMA awarded its initial licenses earlier this year.

Anchorpoint is distributing the token with the help of HashKey and OSL, both licensed digital asset exchanges in Hong Kong. The stablecoin’s name, HKDAP, stands for Hong Kong dollar at par.

Institutional access comes first

At this stage, Anchorpoint is limiting participation to institutions, corporate users and professional investors. The company may enable retail adoption by the end of the year, but that remains a potential next step rather than a confirmed broad release.

The phased approach aligns with Hong Kong’s compliance requirements. Under HKMA rules, all stablecoin holders must be identified unless an issuer can satisfy the regulator that alternative risk-mitigation measures are effective. The source notes that this is a stricter requirement than in many other jurisdictions, making an initial institutional rollout easier to manage.

How Anchorpoint plans distribution

Anchorpoint is using a B2B2C model, which means distributors rather than the issuer itself will interact directly with end users of the stablecoin. That structure places exchanges and other partners at the front end of user access.

Although Anchorpoint is part of Standard Chartered, it also has two joint venture partners: web3 company Animoca Brands and Hong Kong Telecom. The report says those partners could support wider retail distribution if the product expands beyond its current beta audience.

Early use cases and what comes next

The initial uses targeted for HKDAP are cross-border payments and settlement for tokenized securities. Those are areas where a regulated Hong Kong dollar stablecoin could fit institutional activity from the outset, especially before any retail rollout begins.

A broader launch will depend in part on how Anchorpoint addresses identification and compliance requirements for larger numbers of users. The source notes that Animoca Brands’ digital identity offering, Moca Network, may help on the retail compliance side, but any expansion beyond professional users remains prospective for now.

Source: www.ledgerinsights.com