Anchorpoint targets August launch for HKDAP stablecoin
- Anchorpoint expects an August announcement for its HKDAP stablecoin after missing earlier Q2 and July timelines.
- HKDAP will be backed 1:1 by Hong Kong dollar reserves and initially operate on Ethereum.
- Anchorpoint plans to distribute HKDAP through approved partners for cross-border payments and tokenised assets.
Anchorpoint Financial expects an August announcement for its Hong Kong dollar-backed HKDAP stablecoin after earlier rollout targets passed.
Anchorpoint secured its HKMA licence in April and has since tested HKDAP transfers on Ethereum (CRYPTO:ETH) mainnet.
HKDAP will be backed 1:1 by Hong Kong dollar reserves, with assets segregated from Anchorpoint's operating accounts.
Anchorpoint plans a B2B2C model using approved distributors, with cross-border settlement and tokenised assets among its intended applications.
Anchorpoint is backed by Standard Chartered, HKT and Animoca Brands and received one of Hong Kong's first stablecoin licences.
Hong Kong's Stablecoins Ordinance took effect on August 1, 2025, establishing licensing, reserve and compliance requirements for fiat-referenced stablecoin issuers.
At the time of reporting, Ethereum price was $1,860.78.
