Hong Kong's first approved stablecoin HKDAP completes first end-to-end transaction on Ethereum mainnet

Odaily Planet Daily reports that institutions such as Anchorpoint Financial, OSL Group, and PantherTrade have successfully completed the first live end-to-end financial transaction of Hong Kong's first approved stablecoin, HKDAP, on the Ethereum public chain. This digital asset operates under the regulation of the Hong Kong Monetary Authority.

The technical execution was jointly carried out by Anchorpoint Financial, a fintech enterprise backed by Standard Chartered Hong Kong, along with digital brokers OSL Group and PantherTrade. During this blockchain test, participants directly converted traditional physical Hong Kong dollars into reserve assets, triggering the minting of on-chain digital balances. After the transaction concluded, the tokens were converted back to fiat bank balances through a redemption agreement. Standard Chartered provided the custody architecture and trust services for this process.

The stablecoin is scheduled to begin a phased public issuance at the end of the second quarter of this year. (FinanceFeeds)