Hong Kong Stablecoin HKDAP Set to Launch This Month, Reports Say

Key Points of This Article

• OSL and HashKey Exchange are expected to handle sales and distribution.
• The Hong Kong Monetary Authority granted the first issuance licenses in April.

OSL and HashKey to Handle Issuance, Launch Expected This Month

According to Hong Kong media reports citing sources, Anchorpoint, led by Standard Chartered's Hong Kong entity, is expected to issue the regulated stablecoin "HKDAP," which is pegged to the Hong Kong dollar, by the end of this month.

The report indicates that the licensed cryptocurrency trading platforms OSL Group and HashKey Exchange are set to be the operators handling HKDAP.

Anchorpoint has commented that it is progressing with preparations for a phased issuance as planned and will make announcements as developments occur.

Issuer Licenses Obtained in April

In April this year, the Hong Kong Monetary Authority (HKMA) granted two issuance licenses under the "Stablecoin Ordinance," marking the first issuance licenses. The recipients were Anchorpoint and HSBC.

Anchorpoint is a joint venture established by Standard Chartered's Hong Kong entity, Web3 company Animoca Brands, and Hong Kong Telecommunications (HKT), aimed at issuing and promoting regulated stablecoins.

In May this year, Anchorpoint officially announced that it had completed test transfers of HKDAP on the Ethereum mainnet in collaboration with OSL Group and others, verifying a series of processes from fiat fund deposits to minting, transfers, and redemptions. The expected issuance this month, as indicated by the report, represents the first phase of commercial deployment based on this test.