Anchorpoint, a consortium led by Standard Chartered alongside Animoca Brands and HKT, partners with the Solana Foundation to launch its HKMA-regulated HKDAP stablecoin on the Solana blockchain. The integration enables native minting and redemption of the Hong Kong dollar-pegged asset with near-instant settlement. Anchorpoint aims to target retail payments, institutional treasury operations, and tokenized financial products to boost Hong Kong's capital markets hub status.
HKDAP stablecoin launch on Solana
- ▪Anchorpoint's integration of HKDAP on Solana is intended to expand the Hong Kong dollar's global market appeal and strengthen Hong Kong as a treasury and capital markets hub
- ▪Anchorpoint partnered with the Solana Foundation to launch the HKDAP Hong Kong dollar-pegged stablecoin on the Solana blockchain
Standard Chartered consortium Anchorpoint
- ▪Anchorpoint co-founder and chief executive officer Dominic Maffei stated that Anchorpoint plans to expand HKDAP connectivity across additional networks and markets
- ▪Anchorpoint is a consortium led by Standard Chartered with participation from Animoca Brands and HKT
HKMA regulatory approval
- ▪Anchorpoint has received regulatory licensing approval from the Hong Kong Monetary Authority (HKMA) to issue Hong Kong dollar-backed stablecoins
- ▪Solana Foundation APAC head Lu Yin stated that deploying Anchorpoint's HKDAP stablecoin on Solana bridges regulated financial infrastructure with public blockchain speed and scale
Native minting redemption infrastructure
- ▪Anchorpoint plans to use the Solana blockchain to facilitate access to HKDAP-enabled tokenized financial products
- ▪The strategic collaboration between Anchorpoint and the Solana Foundation supports native minting and redemption of HKDAP on the Solana blockchain with near-instant settlement speeds
Institutional adoption strategy
- ▪Anchorpoint aims to expand HKDAP usage beyond standard consumer transactions into institutional treasury management and capital markets applications
- ▪Anchorpoint targets institutional investors alongside retail users to broaden international access to Hong Kong dollar-denominated digital assets
Retail payment use cases
- ▪Anchorpoint's HKDAP stablecoin deployment on Solana targets general payments and retail transactions
- ▪HSBC issued Redcoin, a Hong Kong dollar-pegged stablecoin that entered the retail market through the PayMe mobile payment platform for 3.3 million users
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