Anchorpoint Reportedly Set to Launch HKDAP Stablecoin in July
Free NewsletterGet the hottest Fintech Hong Kong News once a month in your InboxAnchorpoint Financialis reportedly preparing to launch its regulated Hong Kong Dollar-backed stablecoin, HKDAP, in July, as. . .
Free NewsletterGet the hottest Fintech Hong Kong News once a month in your InboxAnchorpoint Financialis reportedly preparing to launch its regulated Hong Kong Dollar-backed stablecoin, HKDAP, in July, as reported byThe Standard. The joint venture, backed byStandard Chartered Hong Kong, HKT, andAnimoca Brands,secured one of the city’s first stablecoin issuer licensesfrom theHong Kong Monetary Authority (HKMA)in April. Anchorpoint expects licensed virtual asset trading platforms, includingOSL GroupandHashKey Exchange, to act as distributors for the token. The firm stated it is continuing preparatory work for a phased issuance of HKDAP and will provide updates in due course. The company is adopting a business-to-business-to-consumer model for the stablecoin. This approach will allow retail users to access HKDAP through authorised partner platforms rather than directly from the issuer. In May, Anchorpointcompleted test transfers of HKDAPon the Ethereum mainnet in collaboration with OSL. The trial covered the full lifecycle of fiat funding into reserve assets using Standard Chartered’s banking infrastructure. The venture aims to use HKDAP to facilitate cross-border payments and support the settlement of tokenised real-world assets. Featured image credit: Edited by Fintech News Hong Kong, based on image byTon-WeerayutPhotographervia Magnific