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Anchorpoint begins first phase of HK dollar stablecoin rollout
The Hong Kong dollar-backed stablecoin will initially reach institutions and professional investors through authorized distributors, with broader retail adoption targeted for as early as end of 2026.
Standard Chartered venture Anchorpoint Financial has started the first phase of rolling out its Hong Kong dollar-backed stablecoin, known as HKD At Par (HKDAP). According to Reuters, the rollout initially provides limited access to institutional distributors and professional investors, rather than an immediate broad retail launch.
The stablecoin is designed to let authorized distributors offer conversion between HKDAP and fiat currency for institutions, corporate users, and professional investors, leveraging their existing client networks. Anchorpoint said the early focus is on enabling integration into commercial applications, including payments and settlement use cases.
Anchorpoint Financial is a Standard Chartered joint venture with Animoca Brands and Hong Kong Telecommunications. The company said it is targeting broader retail adoption as early as the end of 2026, depending on market conditions, using a business-to-business-to-consumer model to expand through agreements with distributors and use-case partners.
Reuters also noted the launch follows Hong Kong Monetary Authority approval in early April for HSBC and Anchorpoint Financial to issue fiat-backed stablecoins. Stablecoins are cryptocurrencies intended to maintain a constant value, typically pegged to a fiat currency such as the U.S. dollar.