Hong Kong's first regulated Hong Kong dollar stablecoin, HKDAP, went live on Aug 12, 2025. Issued by Anchorpoint Financial, a Standard Chartered Bank (Hong Kong) subsidiary, it's open only to institutions, corporate clients, and professional investors. Retail investors will have to wait until around the end of 2026.
The launch and its limits
Anchorpoint Financial opened HKDAP to institutions, corporate clients, and professional investors only. Retail is excluded for now. The Hong Kong Monetary Authority received 36 applications for stablecoin licenses and approved just two: HSBC and Anchorpoint. Anchorpoint holds licence FRS01. HKT and Animoca Brands are venture partners, while HashKey Exchange and OSL Group handle distribution.
The rules behind the coin
The Stablecoins Ordinance sets a high bar. Issuers need HK$25 million in paid-up capital, keep reserves separate, redeem within one business day, and pay no interest. Only licensed issuers, banks, and regulated platforms can sell to the public. That's a deliberate design to keep the system tight.
Why Hong Kong dollar, not yuan
Beijing bars yuan-pegged stablecoins abroad, so the Hong Kong dollar token is the only kind Hong Kong can license. The HKD has been pegged to the US dollar since 1983, which gives the stablecoin a familiar anchor. No non-dollar coin has ever scaled, so HKDAP is stepping into uncharted territory.
Security watch
The HKMA flagged three banks on Aug 13 over fake websites and copied login screens. More than 50 such alerts were posted in two months last year. In July, Hong Kong's securities regulator banned one-time password logins at crypto platforms. The timing isn't great for a new stablecoin launch.
Retail access is expected around the end of 2026, but there's no committed date. No supply or volume figures have been published since launch. The question is whether HKDAP can build enough traction among institutions to matter.
