Hong Kong’s First Licensed HKD Stablecoin Passes Blockchain Test, Eyes Phased Rollout By June
Anchorpoint Financial, one of many first entities granted a stablecoin issuer licence by the Hong Kong Monetary Authority, introduced on Wednesday that it has efficiently accomplished a switch check of the Hong Kong greenback stablecoin HKDAP — quick for “HKD At Par” — on the Ethereum mainnet. The train was carried out collectively with OSL Group, the Hong Kong-listed world stablecoin cost and buying and selling platform, and PantherTrade, a completely owned licensed digital asset buying and selling platform below Futu Holdings. Anchorpoint itself is a three way partnership based by Standard Chartered Hong Kong, HKT — the telecommunications arm of PCCW — and Hong Kong Web3 unicorn Animoca Brands.
The check coated the complete lifecycle of the stablecoin, from the conversion of fiat Hong Kong {dollars} into reserve belongings by to minting and on-chain switch. Standard Chartered’s banking infrastructure and institutional belief providers ensured that each unit of HKDAP minted through the check was absolutely backed by reserve belongings. All tokens had been redeemed of their entirety as soon as the transfers had been accomplished, which means the coin has not but entered public circulation.
Industry Partners Line Up for a Phased Q2 Rollout
Following the profitable check, all three events confirmed their intention to press forward with a phased launch of HKDAP by the tip of the second quarter of this yr. OSL stated it’ll draw on its suite of stablecoin infrastructure merchandise — together with OSL StableHub for stablecoin and overseas alternate buying and selling, the B2B cross-border cost resolution OSL BizPay, and the fiat on-and-off ramp Banxa — to help distribution, liquidity, and compliant digital asset cost rails for the brand new token. PantherTrade equally pledged shut cooperation with Anchorpoint on the issuance plan, combining its institutional-grade digital asset providers with Anchorpoint’s bank-grade compliance infrastructure.
Futu’s Global Head of Digital Assets, Zhu Guyi, stated the group will leverage its broad platform attain and expertise capabilities to provide certified buyers entry to compliant, environment friendly Hong Kong greenback stablecoin options. Anchorpoint CEO and co-founder Dominic Maffei described the finished check as the corporate’s first step towards its broader aim, including that HKDAP is designed to facilitate funds and capital flows for the good thing about the actual financial system. He emphasised that constructing a regulated, tokenised foreign money ecosystem is central to Hong Kong’s ambition to grow to be a world digital asset hub — and that attaining it requires shut collaboration with trade members, together with Futu and PantherTrade.
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