Alisa Davidson
Revealed: Could 22, 2026 at 3:01 am Up to date: Could 22, 2026 at 3:01 am
Edited and fact-checked:
Could 22, 2026 at 3:01 am
In Temporary
Hong Kong’s first licensed HKD stablecoin HKDAP completes Ethereum mainnet switch take a look at. Anchorpoint, OSL and PantherTrade goal a phased launch by finish of Q2 2026.
Anchorpoint Monetary, one of many first entities granted a stablecoin issuer licence by the Hong Kong Financial Authority, introduced on Wednesday that it has efficiently accomplished a switch take a look at of the Hong Kong greenback stablecoin HKDAP — brief for “HKD At Par” — on the Ethereum mainnet. The train was carried out collectively with OSL Group, the Hong Kong-listed international stablecoin fee and buying and selling platform, and PantherTrade, a totally owned licensed digital asset buying and selling platform underneath Futu Holdings. Anchorpoint itself is a three way partnership based by Commonplace Chartered Hong Kong, HKT — the telecommunications arm of PCCW — and Hong Kong Web3 unicorn Animoca Manufacturers.
The take a look at lined the complete lifecycle of the stablecoin, from the conversion of fiat Hong Kong {dollars} into reserve property via to minting and on-chain switch. Commonplace Chartered’s banking infrastructure and institutional belief providers ensured that each unit of HKDAP minted through the take a look at was totally backed by reserve property. All tokens have been redeemed of their entirety as soon as the transfers have been accomplished, that means the coin has not but entered public circulation.
Trade Companions Line Up for a Phased Q2 Rollout
Following the profitable take a look at, all three events confirmed their intention to press forward with a phased launch of HKDAP by the top of the second quarter of this yr. OSL mentioned it is going to draw on its suite of stablecoin infrastructure merchandise — together with OSL StableHub for stablecoin and overseas alternate buying and selling, the B2B cross-border fee answer OSL BizPay, and the fiat on-and-off ramp Banxa — to help distribution, liquidity, and compliant digital asset fee rails for the brand new token. PantherTrade equally pledged shut cooperation with Anchorpoint on the issuance plan, combining its institutional-grade digital asset providers with Anchorpoint’s bank-grade compliance infrastructure.
Futu’s World Head of Digital Property, Zhu Guyi, mentioned the group will leverage its broad platform attain and know-how capabilities to provide certified traders entry to compliant, environment friendly Hong Kong greenback stablecoin options. Anchorpoint CEO and co-founder Dominic Maffei described the finished take a look at as the corporate’s first step towards its broader objective, including that HKDAP is designed to facilitate funds and capital flows for the good thing about the actual financial system. He emphasised that constructing a regulated, tokenised foreign money ecosystem is central to Hong Kong’s ambition to turn into a world digital asset hub — and that attaining it requires shut collaboration with trade contributors, together with Futu and PantherTrade.
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About The Writer
Alisa, a devoted journalist on the MPost, makes a speciality of crypto, AI, investments, and the expansive realm of Web3. With a eager eye for rising developments and applied sciences, she delivers complete protection to tell and have interaction readers within the ever-evolving panorama of digital finance.
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Alisa, a devoted journalist on the MPost, makes a speciality of crypto, AI, investments, and the expansive realm of Web3. With a eager eye for rising developments and applied sciences, she delivers complete protection to tell and have interaction readers within the ever-evolving panorama of digital finance.
Extra articles