Hong Kong to launch regulated HKDAP stablecoin

Hong Kong will launch HKDAP, a regulated, HK dollar-pegged stablecoin, by July’s end. Led by Anchorpoint and backed by major banks, it aims to boost the city’s digital asset sector.

Hong Kong is set to introduce HKDAP, a regulated stablecoin pegged one-to-one to the Hong Kong dollar, by the end of July. The project is spearheaded by Anchorpoint, a fintech venture supported by Standard Chartered, HKT, and Animoca Brands. HKDAP will comply with the Hong Kong Monetary Authority’s regulatory framework, requiring full reserve backing and stringent custody measures. Recent successful trials on the Ethereum mainnet have demonstrated the stablecoin’s issuance and transaction capabilities. The launch aims to offer a bank-backed alternative to US dollar stablecoins, strengthen Hong Kong’s digital asset ecosystem, and potentially influence stablecoin adoption across Asia. Market participants will closely monitor uptake by exchanges, payment providers, and institutions after its debut.