A Hong Kong dollar stablecoin just completed a full dress rehearsal on Ethereum. Anchorpoint Financial Limited, working alongside OSL Group and Futu Holdings’ PantherTrade platform, successfully ran test transfers of the HKDAP token on Ethereum Mainnet on May 13.
The test covered every stage of the stablecoin’s lifecycle: fiat HKD funding through Standard Chartered’s banking channels, minting, on-chain transfers, and total redemption. By the end of the exercise, zero tokens remained in circulation.
What HKDAP actually is
HKDAP stands for “HKD At Par,” which tells you exactly what it’s designed to do. Each token is meant to maintain a 1:1 peg with the Hong Kong dollar, backed by high-quality HKD-denominated reserve assets that meet guidelines set by the Hong Kong Monetary Authority.
Anchorpoint Financial itself is a joint venture formed in February 2025. The partners behind it are Standard Chartered, Hong Kong telecom giant HKT, and Animoca Brands, the Web3 conglomerate known for backing The Sandbox and other blockchain gaming ventures.
