Standard Chartered’s Anchorpoint launches beta version of HKDAP stablecoin
Stablecoins
Standard Chartered’s subsidiary Anchorpoint has launched the beta phase of its HKDAP stablecoin, marking the first issuance of a regulated stablecoin in Hong Kong. This initiative follows the Hong Kong Monetary Authority (HKMA) granting initial stablecoin issuer licenses to Anchorpoint and HSBC in April. The project utilizes a B2B2C distribution model, partnering with licensed digital asset exchanges HashKey and OSL to facilitate institutional access. Currently, the beta is restricted to corporate users and professional investors, with potential retail expansion planned by the end of the year. The HKMA imposes strict compliance requirements, mandating the identification of all stablecoin holders to mitigate risks. To support future retail distribution, Anchorpoint is collaborating with joint venture partners Animoca Brands and Hong Kong Telecom, leveraging tools like the Moca Network for digital identity verification. The HKDAP stablecoin is specifically designed to support cross-border payments and the settlement of tokenized securities, signaling a significant step in Hong Kong's regulated digital asset infrastructure.
Key points
- ▸Anchorpoint launched the first HKMA-regulated stablecoin beta, HKDAP, for institutional and corporate users.
- ▸Partnerships with HashKey and OSL facilitate distribution under strict HKMA identity verification mandates.
- ▸Joint venture partners Animoca Brands and Hong Kong Telecom will support future retail-scale distribution.
- ▸HKDAP is engineered to streamline cross-border payments and the settlement of tokenized securities.
Background
The Hong Kong Monetary Authority (HKMA) is the territory's central banking institution, which has recently established a rigorous regulatory framework for stablecoin issuers. This framework requires issuers to maintain high-quality reserve assets and adhere to strict anti-money laundering and identity verification protocols to ensure market stability and investor protection.
Relevance
8.5/10