Hong Kong’s First Licensed HKD Stablecoin Passes Blockchain Test, Eyes Phased Rollout By June

Anchorpoint Financial, one of the first entities granted a stablecoin issuer licence by the Hong Kong Monetary Authority, announced on Wednesday that it has successfully completed a transfer test of the Hong Kong dollar stablecoin HKDAP — short for “HKD At Par” — on the Ethereum mainnet. The exercise was carried out jointly with OSL Group, the Hong Kong-listed global stablecoin payment and trading platform, and PantherTrade, a fully owned licensed virtual asset trading platform under Futu Holdings. Anchorpoint itself is a joint venture founded by Standard Chartered Hong Kong, HKT — the telecommunications arm of PCCW — and Hong Kong Web3 unicorn Animoca Brands.

The test covered the full lifecycle of the stablecoin, from the conversion of fiat Hong Kong dollars into reserve assets through to minting and on-chain transfer. Standard Chartered’s banking infrastructure and institutional trust services ensured that every unit of HKDAP minted during the test was fully backed by reserve assets. All tokens were redeemed in their entirety once the transfers were completed, meaning the coin has not yet entered public circulation.

Industry Partners Line Up for a Phased Q2 Rollout

Following the successful test, all three parties confirmed their intention to press ahead with a phased launch of HKDAP by the end of the second quarter of this year. OSL said it will draw on its suite of stablecoin infrastructure products — including OSL StableHub for stablecoin and foreign exchange trading, the B2B cross-border payment solution OSL BizPay, and the fiat on-and-off ramp Banxa — to support distribution, liquidity, and compliant digital asset payment rails for the new token. PantherTrade similarly pledged close cooperation with Anchorpoint on the issuance plan, combining its institutional-grade digital asset services with Anchorpoint’s bank-grade compliance infrastructure.

Futu’s Global Head of Digital Assets, Zhu Guyi, said the group will leverage its broad platform reach and technology capabilities to give qualified investors access to compliant, efficient Hong Kong dollar stablecoin solutions. Anchorpoint CEO and co-founder Dominic Maffei described the completed test as the company’s first step toward its broader goal, adding that HKDAP is designed to facilitate payments and capital flows for the benefit of the real economy. He emphasised that building a regulated, tokenised currency ecosystem is central to Hong Kong’s ambition to become a global digital asset hub — and that achieving it requires close collaboration with industry participants, including Futu and PantherTrade.

The post Hong Kong’s First Licensed HKD Stablecoin Passes Blockchain Test, Eyes Phased Rollout By June appeared first on Metaverse Post.