Hong Kong Stablecoin HKDAP Launches for Institutions as Retail Waits

Anchorpoint Financial opened its HKDAP stablecoin to institutional, corporate and professional investors on Aug. 12, marking a new phase in Hong Kong’s regulated digital asset market. Retail investors, however, remain excluded for now.

The Hong Kong Monetary Authority (HKMA) received 36 stablecoin licence applications before submissions closed in September 2025 but approved only two. HSBC secured one licence, while Anchorpoint received the other, FRS01.

Anchorpoint is a subsidiary of Standard Chartered Bank (Hong Kong), with HKT and Animoca Brands as venture partners. HashKey Exchange and OSL Group are handling distribution of HKDAP.

Hong Kong’s stablecoin market is centered on the Hong Kong dollar partly because Beijing prohibits yuan-pegged stablecoins from being issued overseas. As a result, an HKD-backed token is the practical option available under the city’s regulatory framework.

Hong Kong’s Stablecoins Ordinance imposes strict requirements on issuers. Licensed firms must maintain at least HK$25 million, or roughly $3.2 million, in paid-up capital. Stablecoin reserves must remain segregated from corporate funds, while holders must be able to redeem tokens at face value within one business day. Stablecoins cannot pay interest.

Public distribution is also restricted to licensed stablecoin issuers, banks and regulated platforms. Anchorpoint is therefore rolling out HKDAP gradually. Retail access is expected around the end of 2026, although the company has not confirmed a launch date or disclosed supply and trading-volume figures.

The rollout comes as Hong Kong authorities continue confronting financial scams. On Aug. 13, the HKMA warned about fraudulent websites impersonating Chong Hing Bank, Chiyu Banking Corporation and OCBC Bank (Hong Kong). The city’s securities regulator also banned one-time-password logins at crypto platforms in July amid similar security concerns.

Whether HKDAP can attract substantial demand remains uncertain. The global stablecoin market is worth roughly $300 billion, with Tether accounting for about 61%. No non-US-dollar stablecoin has achieved comparable scale.

That challenge is particularly notable because the Hong Kong dollar itself has been pegged to the US dollar since 1983. HKDAP may offer regulated local settlement, but economically it still tracks a currency closely tied to the dollar-dominated system.