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Standard Chartered-led venture begins HK dollar stablecoin rollout
The first phase provides beta access, allowing authorized distributors to offer conversion between HKDAP and fiat for institutional and corporate users.
A Standard Chartered-led joint venture has started institutional use of Hong Kong dollar-backed stablecoins, launching on Wednesday as the city marks a year since its stablecoin law took effect, according to SCMP Economy.
The venture, led by Standard Chartered, Animoca Brands and HKT, said its Anchorpoint Financial unit began the first phase of its HKDAP coin rollout through beta access, enabling initial distributors and users to integrate the token into commercial applications.
HKDAP, short for Hong Kong dollar at par, is designed for conversion between the stablecoin and fiat currency for authorized distributors, with the rollout focused on institutions, corporate users and professional investors in this current phase.
Anchorpoint said it is executing the rollout in a “prudent and structured manner,” operating on public blockchain infrastructure and adopting a business-to-business-to-consumer model, in line with the cautious approach cited by the Hong Kong Monetary Authority.