Anchorpoint plans to launch HKDAP stablecoin for retail customers

Anchorpoint, a stablecoin project involving Standard Chartered, maintains plans to launch the HKDAP stablecoin, backed by the Hong Kong dollar, for retail clients on a public blockchain, but does not confirm a release date. According to the South China Morning Post on October 26, the company's CEO, Dominic Maffei, stated that Anchorpoint will cautiously introduce regulated digital money into everyday payments, despite growing competition among licensed issuers in Hong Kong. Previously, the company mentioned the end of 2026 as a possible timeframe, but at a Friday press conference, Maffei declined to confirm this target: first, a distribution network and clients need to be prepared.

The statement came shortly after HSBC on October 23 began the phased rollout of RedCoin through PayMe for approximately 3.3 million users: clients can activate wallets, transfer money to other users, and pay participating merchants. Anchorpoint chose a different path – working through authorized distributors connecting financial institutions, businesses, and eventually retail.

“This is a stablecoin on a public blockchain, so when entering retail, many factors need to be considered,” said Maffei. According to him, building a sustainable market is more important than adhering to an aggressive schedule: “Rushing to launch makes no sense.”

HKDAP maintains a one-to-one peg to the Hong Kong dollar and is backed by permissible reserves according to regulatory requirements. The institutional beta operates on Ethereum with access only for corporate clients and professional investors: direct transfers require verification, and smart contracts reject transfers to unverified addresses. Under the B2B2C model, Anchorpoint works with licensed intermediaries – custody, fiat conversion, client payments. Cross-border remains the main focus: 24/7 settlements, low costs, and interoperability. “The goal is to connect Hong Kong with other corridors,” said Maffei, noting work in the UAE.

The project was created by Standard Chartered Bank (Hong Kong), Animoca Brands, and telecom company HKT after participating in the HKMA sandbox. Anchorpoint and HSBC received the first stablecoin issuer licenses in Hong Kong in April 2026 following the enactment of the Stablecoins Ordinance in August 2025. The company's FAQ still names a full launch possible by the end of 2026 if the infrastructure is ready; there is no firm date for the retail launch.