Anchorpoint Financial completes testing of HKD-pegged stablecoin HKDAP ahead of Q2 issuance, marking Hong Kong’s first licensed stablecoin.
Hong Kong’s first officially approved stablecoin, HKDAP, has completed a transfer test on the Ethereum mainnet. The stablecoin, pegged 1:1 to the Hong Kong dollar (HKD), was developed by Anchorpoint Financial in collaboration with OSL Group and PantherTrade, a licensed trading platform backed by Futu Holdings.
The Hong Kong Monetary Authority granted Anchorpoint a stablecoin issuer license, enabling the project. Testing involved transfers on Ethereum, with plans for phased official issuance by the end of Q2 2024. No prior HKD-pegged stablecoin has received regulatory approval in Hong Kong.
The development signals Hong Kong’s push to integrate regulated digital assets into its financial ecosystem, though market reaction details were not disclosed.