Anchorpoint launches HKDAP stablecoin for institutional users in Hong Kong

Standard Chartered-backed Anchorpoint has begun the phased rollout of its Hong Kong dollar-backed HKDAP stablecoin, opening beta access to institutional distributors and professional investors for payments, fiat conversion and tokenized asset settlement. Summary Anchorpoint has begun the phased rollout of its HKDAP stablecoin to institutional distributors and professional investors. HKDAP will initially support cross-border payments, fiat conversion and settlement of tokenized real-world assets. HashKey Exchange joined as a distribution partner and completed its first HKDAP minting and redemption transaction. The Hong Kong dollar-backed stablecoin received an HKMA issuer license in April alongside HSBC. Anchorpoint said on Wednesday that the first phase will focus on cross-border payments and the settlement and distribution of tokenized real-world assets, with authorized distributors providing HKDAP-to-fiat conversion services for institutions, corporate users and professional investors. The launch moves HKDAP from testing into controlled distribution after Anchorpoint received one of Hong Kong’s first stablecoin issuer licenses from the Hong Kong Monetary Authority in April. HKDAP...