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. The end-of-Q2 rollout target passed with nothing in circulation; Caixin now reports a July 2026 issuance distributed through licensed exchanges OSL and HashKey, sourced to people familiar with the plans rather than to Anchorpoint, with no confirming press release and no public deployment address — close enough to move the tracker to launching-soon, not close enough to call it launched. 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 July 26, 2026