Hong Kong's first approved stablecoin HKDAP completes its first end-to-end transaction on the Ethereum public chain

Odaily reported that institutions including 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 supervision of the Hong Kong Monetary Authority.

The technical execution was jointly carried out by Anchorpoint Financial, a fintech enterprise supported by Standard Chartered Hong Kong, as well as digital brokerages 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, and subsequently exchanged the tokens back into fiat bank balances through a redemption agreement upon the transaction's completion. Standard Chartered provided the custody structure and trust services for this purpose.

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