Standard Chartered-backed Anchorpoint Financial has pushed the public rollout of its Hong Kong dollar stablecoin HKDAP into August after the project missed its previously expected second-quarter and end-of-July timelines.
According to the local media outlet the Hong Kong Economic Journal, Standard Chartered Hong Kong and Greater China and North Asia CEO Mary Huen said an announcement related to HKDAP is expected within August, adding that work on the licensed stablecoin has continued since Anchorpoint received its issuer license from the Hong Kong Monetary Authority in April.
The latest update follows earlier local media reports that the project would be announced before the end of July. Anchorpoint, backed by Standard Chartered (Hong Kong), HKT and Animoca Brands, was among the first two companies to receive a stablecoin issuer license under Hong Kong’s Stablecoins Ordinance.
HKDAP announcement has moved into August
While the launch has taken longer than initially anticipated, Huen said development has continued in the months following regulatory approval. According to the report, Anchorpoint has been testing public blockchain infrastructure to support additional use cases beyond basic issuance, with cross-border payments forming one of the priorities.
She said businesses continue to face practical challenges in international settlements because traditional payment systems are not available around the clock and often involve higher costs. The stablecoin is intended to provide another settlement option for enterprises operating across borders.
Earlier company statements said HKDAP will be issued in phases under Hong Kong’s licensing framework. Anchorpoint has also said each token will be backed one-to-one by Hong Kong dollar reserves held in segregated accounts in line with HKMA reserve requirements for fiat-referenced stablecoins.
During technical preparations, Anchorpoint completed an Ethereum mainnet transfer test in May alongside licensed virtual asset platform OSL Group and trading platform PantherTrade. Participants in the trial said the transaction demonstrated issuance, transfer and settlement using production-ready infrastructure rather than a regulatory sandbox.
HKDAP distribution will rely on approved partners
The latest report also provides more detail on how the stablecoin will reach users after issuance.
According to Huen, Anchorpoint will continue with a business-to-business-to-consumer distribution model instead of providing HKDAP directly to retail customers. Under that structure, the issuer will appoint recognized distributors, which will then make the stablecoin available to their own corporate and institutional clients.
The intended customer base includes small and medium-sized enterprises, traders, service providers, fund companies and individual users. Cross-border settlement remains the primary application, while tokenized assets have also been identified as another intended use case.
Huen said distributor agreements will be signed after Anchorpoint formally announces the stablecoin launch.
Market reports have previously identified OSL Group and HashKey Exchange as potential early distributors because both operate licensed virtual asset trading platforms in Hong Kong. Huen did not confirm those reports, saying Anchorpoint itself will announce the distributor list when it is ready, after which participating firms will introduce their planned applications for HKDAP.
Public blockchain testing has continued
Apart from the launch schedule, the report indicates that technical work has continued behind the scenes.
According to Huen, testing on public blockchain networks has been progressing to expand how HKDAP can be used, particularly for cross-border transactions. Earlier statements from Anchorpoint said deploying the stablecoin on Ethereum would allow interoperability with existing wallets, exchanges and decentralized finance applications while remaining subject to Hong Kong’s regulatory requirements.
The Ethereum mainnet trial completed in May formed part of those preparations before commercial issuance. Participants involved in the test said the exercise validated both the project’s technical design and compliance processes under production conditions.
Anchorpoint previously said HKDAP would initially follow its B2B2C rollout before expanding to additional use cases over time.
Hong Kong continues building its regulated stablecoin market
HKDAP is one of the first stablecoins being launched under Hong Kong’s regulated issuer framework.
The Stablecoins Ordinance requires issuers of fiat-referenced stablecoins to obtain approval from the HKMA and comply with reserve, disclosure and customer asset requirements. Before the first licenses were granted, Bloomberg reported that regulators had received interest from dozens of prospective applicants but planned to issue only a limited number of approvals during the initial round.
Anchorpoint secured one of those licenses in April alongside HSBC. Standard Chartered had previously disclosed plans to issue a Hong Kong dollar-backed stablecoin through the joint venture before the regulatory approvals were finalized.
Activity around Hong Kong’s regulated stablecoin market has also expanded outside the banking sector. In May, Kraken agreed to acquire Hong Kong-based payments company Reap Technologies for $600 million.
Reap develops stablecoin-powered infrastructure for cross-border business payments, corporate cards and settlement services, with the company describing stablecoins as a tool for reducing payment costs and removing intermediaries in international transactions.