Standard Chartered-backed Anchorpoint began the phased rollout of HKDAP on Wednesday, making the Hong Kong dollar-backed stablecoin available through beta access to institutional distributors and professional investors.
Anchorpoint is a subsidiary of Standard Chartered Bank and was established as a joint venture with HKT and Animoca Brands.
The company was among the first two firms to receive a stablecoin issuer license from the Hong Kong Monetary Authority in April, alongside HSBC, after the regulator said it had received 36 applications.
In a statement on Wednesday, Anchorpoint said its initial focus for HKDAP will be cross-border payments and the settlement and distribution of tokenized real-world assets.
Authorized distributors will also provide conversion between HKDAP and fiat currencies for institutions, corporate users, and professional investors. “We are encouraged by the strong interest we have seen across the market and look forward to working closely with our partners to broaden adoption of HKDAP, enable new commercial applications, and contribute to the continued development of Hong Kong's digital asset ecosystem," Anchorpoint CEO Dominic Maffei said.
