Solana Adds Hong Kong Dollar Stablecoin HKDAP for Payments and Tokenized Assets

Anchorpoint has partnered with the Solana Foundation to bring its Hong Kong dollar-pegged stablecoin, HKDAP, to the Solana blockchain for retail payments and tokenized asset settlement. Previously restricted to institutional users on Ethereum, this expansion aims to leverage Solana's high-speed infrastructure to facilitate near-instant transactions for tokenized financial products. Anchorpoint, a joint venture backed by Standard Chartered, HKT, and Animoca Brands, holds a stablecoin issuer license from the Hong Kong Monetary Authority. As part of the collaboration, the Solana Foundation will join Anchorpoint’s Tokenised Money Adoption Programme alongside PwC Hong Kong to foster industry research and regulated stablecoin development. This move follows Solana's recent growth in the RWA sector, which currently hosts approximately USD 4.9 billion in tokenized assets held by over 835,000 users. By integrating with a public blockchain, Anchorpoint differentiates its strategy from private ledger approaches like HSBC’s RedCoin. The partnership underscores the increasing institutional interest in utilizing public blockchains for regulated, fiat-backed digital assets in the Asian market.