Hong Kong dollar stablecoin HKDAP completes its first public test—can compliant stablecoins carve a new path in the dollar-dominated赛道?
- Core Thesis: Anchor Fintech, one of Hong Kong's first licensed stablecoin issuers, has completed transaction testing of its Hong Kong dollar stablecoin HKDAP on the Ethereum mainnet, marking the implementation phase of Hong Kong's stablecoin regulatory framework. HKDAP is positioned for institutional-grade applications, focusing on cross-border settlement and RWA transactions, thereby creating a differentiated development path from USD stablecoins.
- Key Elements:
- Anchor Fintech is a joint venture established by Standard Chartered Hong Kong, Hong Kong Telecommunications (HKT), and Animoca Brands. It received one of the first two stablecoin issuer licenses from the Hong Kong Monetary Authority (HKMA) in April 2025, with plans for the phased issuance of HKDAP starting in the second quarter.
- The test involved authorized distributors OSL Group and PantherTrade, validating the complete circulation chain of exchange, transfer, and redemption from issuer to institutional users and then to individual users.
- HKDAP adopts a "B2B2C" issuance model, where it is distributed to authorized distributors, who then offer it to the public. Key use cases include cross-border settlement and payments, as well as on-chain settlement for Real World Assets (RWA).
- Another license recipient, HSBC, plans to launch its Hong Kong dollar stablecoin in the second half of the year, initially focusing on Person-to-Person (P2P) payments, Person-to-Merchant (P2M) payments, and tokenized investments, leaning towards consumer and banking scenarios.
- The positioning of Hong Kong dollar stablecoins differs significantly from that of USD stablecoins. While the latter stem from on-chain financial risk aversion and liquidity demand, Hong Kong dollar stablecoins are more prudently positioned as "regulatory-first" financial infrastructure, primarily targeting RWA transactions and compliant settlement mediums.
- Hong Kong dollar stablecoins face challenges: security heavily relies on the issuer's compliant operations and reserve custody. For future adoption in large-scale scenarios like international trade settlement, issues related to liquidity interoperability between different stablecoins, clearing coordination, and market acceptance need to be addressed.
Original Author：Shirley Li, Researcher at Web3Caff Research
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Compliance Note: The following content is solely an objective analysis of the formation characteristics and development status of the Hong Kong dollar stablecoin HKDAP, and does not constitute any proposal or offer. Please be aware that the issuance and participation in the investment of Tokens are subject to varying degrees of strict regulatory requirements and restrictions in different countries and regions. Specifically, in Mainland China, issuing Tokens may constitute "illegal issuance of securities," and providing services such as cryptocurrency transaction matching related to digital asset trading is also considered an "illegal financial activity" (Readers in Mainland China are strongly advised to read the Compilation and Key Points of Laws and Regulations Related to Blockchain and Virtual Currencies in Mainland China). Therefore, please do not use this information for related decisions, and strictly abide by the laws and regulations of your country or region, refraining from participating in any illegal financial activities.
On May 13th, stablecoin payment and trading platform OSL Group, virtual asset trading platform PantherTrade (a subsidiary of Futu Holdings), and Hong Kong licensed stablecoin issuer Anchorpoint Financial Limited jointly completed a transaction test on the Ethereum mainnet using the Hong Kong dollar stablecoin HKDAP as the settlement medium. This round of testing covered the processes of exchanging fiat Hong Kong dollars for HKDAP, on-chain transfers, and redemptions.
Anchorpoint Financial Limited is a subsidiary of Standard Chartered Bank (Hong Kong) Limited, jointly established by Standard Chartered Hong Kong, Hong Kong Telecommunications (HKT), and Animoca Brands in February 2025. HKDAP (Hong Kong Dollar Anchor Point) is the first compliant Hong Kong dollar stablecoin it plans to launch.
On August 1, 2025, the "Stablecoin Ordinance" officially came into effect in Hong Kong, providing a relatively clear regulatory framework for the issuance and operation of stablecoins (Further reading: Hong Kong Passes the Stablecoin Bill: What Impetus Will It Provide for the Compliance of Global Stablecoins and the Internationalization Strategy of the Renminbi?). In April of this year, the Hong Kong Monetary Authority (HKMA) officially granted the first batch of two stablecoin issuer licenses under this Ordinance. It is reported that a total of 36 institutions submitted initial applications, but only Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited (HSBC) were licensed. This licensing action is considered to have completed the regulatory loop of "legislation - review - licensing," pushing stablecoin regulation into the implementation and business preparation phase. [1]
Source: HSBC and Standard Chartered Subsidiaries Licensed, to Launch Hong Kong Dollar Stablecoins
Among them, Anchorpoint Financial plans to issue the Hong Kong dollar-pegged stablecoin "HKDAP" in phases starting from the second quarter of this year, adopting a "B2B2C" (Business-to-Business-to-Consumer) issuance model. This entails distributing to designated authorized distributors, who then make it available to the public. In the test mentioned at the beginning of this article, OSL Group and PantherTrade, acting as authorized distributors of HKDAP, validated the complete circulation link from the issuer to institutional users and then to individual users.
HSBC, on the other hand, plans to launch its own Hong Kong dollar stablecoin in the second half of this year and integrate it into its PayMe platform and HSBC Hong Kong mobile banking app.
From the pilot directions, the focal points of the two institutions differ slightly. HSBC plans to initially launch services such as person-to-person (P2P) payments, person-to-merchant (P2M) payments, and tokenized investments. This indicates HSBC is focusing more on scenarios related to general consumption and banking services. Conversely, Anchorpoint Financial's focus areas include cross-border settlement and payment solutions, as well as on-chain settlement and distribution of RWA (Real World Assets), primarily targeting institutional-grade application scenarios.
From a macro perspective, although both belong to the stablecoin ecosystem, Hong Kong dollar stablecoins still exhibit significant differences in development paths and potential positioning compared to the currently dominant US dollar stablecoins. The underlying reason lies in the differing market environments and core demands that gave rise to each.
In the early days of the Web3 industry, the core role of US dollar stablecoins was to serve as a safe haven for highly volatile assets and act as a medium for on-chain transactions. Subsequently, with the development of decentralized finance (DeFi), on-chain derivatives, and other markets, US dollar stablecoins further became the foundational liquidity asset within the entire on-chain financial system. This highly financialized and globalized liquidity structure has also made the US dollar stablecoin system more complex from a regulatory standpoint.
In contrast, Hong Kong's current positioning for the Hong Kong dollar stablecoin is notably more cautious and leans towards a "regulation-first" financial infrastructure path. Currently, the Hong Kong dollar stablecoin is primarily positioned as a carrier for RWA transactions, serving as a trusted, stable, and compliant on-chain settlement medium for tokenized assets. From a longer-term perspective, the potential future directions for Hong Kong dollar stablecoins may not be limited to RWA trading and merchant settlement, which are currently being piloted, but could extend further into more challenging areas such as international trade settlement and cross-border payments.
However, unlike fiat currency systems backed by governments, Hong Kong dollar stablecoins are essentially stablecoin systems issued by licensed companies and pegged to the fiat Hong Kong dollar. Therefore, their security is highly dependent on the compliant operations of the issuer and the actual custody status of the reserve assets.
If each licensed issuer only launches payment, settlement, and RWA services based on their own business, this relatively localized small financial loop would be more controllable and viable in the initial stages. However, if Hong Kong dollar stablecoins were to further enter areas like international trade settlement, cross-border payments, and larger-scale on-chain financial scenarios, issues such as liquidity interoperability between different Hong Kong dollar stablecoins, clearing coordination, and market acceptance would gradually emerge.
Furthermore, as mentioned earlier, Hong Kong dollar stablecoins and US dollar stablecoins differ in positioning. Although US dollar stablecoins face complex regulatory issues, they have consequently accumulated deeper liquidity and a broader range of use cases. Meanwhile, Hong Kong dollar stablecoins are still in the phase of exploring practical application scenarios. This implies that whether the Hong Kong dollar stablecoin system, including HKDAP, can truly succeed ultimately depends on its ability to generate sufficient network effects and create enough real payment demand. Given the established first-mover advantage of US dollar stablecoins, whether Hong Kong's model can carve out a new path remains to be tested by time.
Key Points Structure Diagram:
References
[2] HSBC and Standard Chartered Subsidiaries Licensed, to Launch Hong Kong Dollar Stablecoins
[5] 3 Licensed Firms Test Hong Kong's HKDAP Stablecoin on Ethereum
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