Anchorpoint Lands Hong Kong's First Stablecoin Licence in Historic HKMA Approval
Anchorpoint Financial, a joint venture between Standard Chartered, HKT, and Animoca Brands, has received one of Hong Kong's first stablecoin issuer licences. Its HKD-backed stablecoin HKDAP is set for a phased launch from Q2 2026.
Quick Insights
- Anchorpoint Financial is one of only two firms granted a stablecoin issuer licence by the HKMA on April 10, out of 36 applications received.
- Its HKD-backed stablecoin, HKDAP (HKD At Par), is set for a phased rollout from Q2 2026 using a B2B2C distribution model.
- HSBC received the other licence and plans to integrate its own HKD stablecoin into the PayMe app in the second half of 2026.
Anchorpoint Financial Limited, a joint venture between Standard Chartered Bank (Hong Kong), telecoms group HKT, and Animoca Brands, has received one of Hong Kong's first stablecoin issuer licences from the Hong Kong Monetary Authority. The licence, granted on April 10 under the Stablecoins Ordinance that took effect in August 2025, makes Anchorpoint one of just two approved issuers from a pool of 36 applicants. HSBC was the other.
Anchorpoint plans to issue a Hong Kong dollar-backed stablecoin called HKDAP (HKD At Par), with each token backed 1:1 by high-quality, liquid HKD-denominated reserves. The rollout will be phased, beginning in the second quarter of this year, and the company will use a business-to-business-to-consumer model that distributes HKDAP through authorised partners with large existing customer bases rather than selling directly to retail users.
HKDAP to Double as a Settlement Rail for Tokenised Bonds and Property
Beyond payments, Anchorpoint is positioning HKDAP as a settlement rail for tokenised real-world assets such as bonds and property, as well as cross-border capital flows across Asia. The three partners have been exploring stablecoin infrastructure since early 2023 and were admitted into the HKMA's Stablecoin Issuer Sandbox in 2024, laying the groundwork for the venture's formal establishment in February 2025.
"The issuance of HKDAP provides a powerful regulated medium of exchange that will further the rewiring of our financial markets and help promote the next generation of international trade."
Mary Huen, Standard Chartered's CEO for Hong Kong and Greater China, described the licence as a new chapter that combines the bank's heritage as one of Hong Kong's oldest note-issuing institutions with its track record in digital assets and tokenisation. Both Standard Chartered and HSBC are among the three banks authorised to print physical Hong Kong dollar banknotes, a distinction that lends additional credibility to their respective stablecoin efforts.
HKMA Rejects 34 of 36 Applicants in First Licensing Round
The HKMA's decision to approve just two licences from 36 applications signals that Hong Kong is prioritising regulatory rigour over speed. HKMA Chief Executive Eddie Yue said the licensing regime provides "an orderly operating environment" that balances innovation with user protection and risk management. The regulator has not confirmed a timeline for additional approvals but indicated it will continue engaging with remaining applicants.
Hong Kong's move comes as the global stablecoin market exceeds $310 billion in total capitalisation. While the U.S. has established its own framework through the GENIUS Act signed last July, the operational rules under that legislation are not expected to be fully finalised until later this year. Hong Kong's early licensing of bank-backed issuers positions it as one of the first jurisdictions to move from regulatory framework to live, regulated stablecoin products.
