HKDAP (HKDAP) Pre-launch Stablecoin Tracker

Hong Kong's First Licensed Dollar

The first HKMA-licensed HKD stablecoin under the Stablecoins Ordinance; HKD-backed by HQLA in segregated accounts. HKDAP is what happens when Standard Chartered, Hong Kong's largest telco (HKT), and Animoca Brands form a joint venture to build the first stablecoin licensed under the HKMA's Stablecoins Ordinance — a regulatory framework that went from proposal to law faster than most jurisdictions manage a consultation paper. In May 2026 the project moved from paper to chain: Anchorpoint and OSL Group ran a full-lifecycle test on Ethereum mainnet — fiat funding, reserve, mint, transfer, and full redemption — without putting tokens into public circulation, which both advances HKDAP into testing and confirms Ethereum as the deployment chain. The HKD peg is backed by high-quality liquid assets in segregated accounts, regulatory-speak for 'we learned from Tether's early years.' The B2B2C model targeting RWA settlement and cross-border payments positions HKDAP as infrastructure for Hong Kong's push to become Asia's regulated digital asset hub, with a phased rollout still aimed at the end of Q2 2026. Whether the consortium structure — a bank, a telco, and a gaming company — can move at stablecoin speed rather than committee speed is the operational question, though a working mainnet mint-and-redeem cycle is a more convincing answer than most pre-launch issuers can show. The licensing playbook is built on segregated custody, HKMA-mandated attestation, and a regulated redemption path scoped for HKD-denominated RWA settlement.

Updated May 24, 2026