Hong Kong’s regulated stablecoin market has taken a step toward live issuance after Anchorpoint Financial completed an Ethereum mainnet test for HKDAP, its Hong Kong dollar stablecoin. According to a Hong Kong Economic Journal report, the trial involved OSL Group, LeopardTrade, and Standard Chartered Hong Kong.
The test checked how fiat Hong Kong dollar funds move into reserve assets before token issuance. It also covered on-chain transfer and redemption. All test tokens were later redeemed, while HKDAP is expected to launch in phases from the end of the second quarter.
Anchorpoint Financial has completed a mainnet test for HKDAP, also known as HKD At Par. The company holds a stablecoin issuance licence from the Hong Kong Monetary Authority, placing the project inside the city’s supervised digital asset framework.
According to the report, the trial verified the process of converting fiat Hong Kong dollar funds into reserve assets. This step matters for a fiat-backed stablecoin, as reserves support the token’s value and redemption process.
OSL Group and LeopardTrade joined the test. LeopardTrade operates under Futu Holdings, while OSL remains one of Hong Kong’s licensed digital asset firms. Their involvement connected the exercise to regulated trading and digital asset infrastructure.
Standard Chartered Hong Kong provided infrastructure and institutional trust services. The report said this helped support full collateralisation during the test. Notably, all test tokens were redeemed after the trial ended.
Hong Kong has been building a stablecoin licensing regime under the HKMA. The rules require fiat-backed issuers to meet standards on reserves, redemption, and compliance before offering tokens to the public.
Anchorpoint’s progress shows the framework is moving from policy design toward practical use. However, the report did not disclose final launch details, exchange listings, expected supply, or the full structure of HKDAP’s rollout.
The licensing model gives regulators direct oversight of issuers. It also sets rules for anti-money laundering procedures and user redemption rights. These requirements aim to bring stablecoin activity into a clearer legal structure.
Meanwhile, Hong Kong continues to develop its digital asset market through licensed trading platforms, tokenization projects, and clearer rules for crypto firms. HKDAP adds another test case for that regulated approach.
The use of Ethereum is notable as the network already supports large stablecoin activity. USDT and USDC have deep liquidity across Ethereum-based exchanges, wallets, custody services, and DeFi platforms.
By testing HKDAP on Ethereum, Anchorpoint used a public blockchain rather than a closed system. This may support future links with existing market infrastructure, depending on regulatory approval and commercial demand.
Still, several details remain open. The report did not confirm whether HKDAP will launch only on Ethereum or later expand to other networks. It also did not outline fee management, compliance controls, or settlement design.
Hong Kong’s Ethereum-linked activity has drawn more attention this year. The city has hosted more blockchain infrastructure work, while regulated firms continue to test public-chain use cases under official supervision.
HKDAP could give Hong Kong institutions a local stablecoin option if it gains enough liquidity and reliable redemption channels. Many crypto market participants still rely on U.S. dollar stablecoins for trading and settlement.
A Hong Kong dollar token may support local payments, treasury flows, and digital asset transactions within a licensed structure. Additionally, it could reduce reliance on offshore issuers for some regulated market activity.
Adoption remains the next test. HKDAP will need exchange support, corporate use cases, transparent reserves, and smooth redemption before it can become a widely used settlement asset.
The launch also comes as Asia’s digital money race widens. China continues to promote the digital yuan, while Japan’s stablecoin sector remains tightly controlled. For now, Anchorpoint’s Ethereum test marks a factual move from approval toward phased issuance.