Hong Kong has moved further into the regulated digital asset sector after the HKDAP stablecoin successfully completed a full Ethereum-based end-to-end transaction test under the city’s Stablecoins Ordinance framework. The trial included token issuance, fiat deposits, redemption into bank balances, and settlement operations conducted under regulatory supervision.
Anchorpoint Financial carried out the HKDAP stablecoin test on May 13, 2026. The company operates under Hong Kong’s Stablecoins Ordinance with license designation FRS01 and worked alongside OSL Group and PantherTrade throughout the process. The initiative marked a major step in Hong Kong’s effort to establish a regulated digital asset environment centered on compliance and financial oversight.
According to details released after the test, the transaction represented what participants described as the first real-world stablecoin operation conducted under Hong Kong’s Stablecoins Ordinance, which officially came into effect on August 1, 2025. The entire process was supervised by the Hong Kong Monetary Authority (HKMA).
Regulated Stablecoin Backed by Hong Kong Dollar Reserves
During the transaction process, Standard Chartered Hong Kong provided custody and trust services for the project. The bank ensured that the HKDAP stablecoin maintained a one-to-one peg with the Hong Kong dollar and confirmed that the token remained fully backed by reserves held in Hong Kong dollars.
The stablecoin, formally known as HKD At Par, was developed to preserve direct parity with the Hong Kong dollar while maintaining reserve assets in accordance with HKMA regulatory requirements. The transaction workflow involved the conversion of fiat currency into HKDAP tokens through the Ethereum blockchain, followed by a controlled settlement mechanism that enabled the redemption of the stablecoin back into traditional bank deposits.
The HKDAP test demonstrated a fully regulated blockchain settlement process that linked fiat banking systems with Ethereum-based stablecoin infrastructure under Hong Kong’s new digital asset framework.
Anchorpoint Financial oversaw the technical execution of the trial. The company itself was established in February 2025 as a joint venture involving Standard Chartered Hong Kong, HKT, and Animoca Brands. The collaboration reflected growing institutional participation in regulated blockchain infrastructure across Hong Kong’s financial sector.
Industry Participants Prepare for Broader Adoption
OSL Group played a supporting role during the trial and indicated that the project represented an important milestone for broader stablecoin deployment in the region. The company stated that it plans to expand investments related to payments, liquidity management, and settlement capabilities connected to digital asset services.
OSL Group Chief Executive Officer Kevin Cui reportedly explained that existing infrastructure was already capable of supporting stablecoin trading activity and cross-border transfers. He also indicated that platforms including OSL StableHub and OSL BizPay could become part of a larger ecosystem connected to HKDAP operations.
PantherTrade, which operates as a subsidiary of Futu Group, also participated in the initiative. Zhu Guyi, who serves as the global head of digital assets at Futu, reportedly stated that the project could help provide regulated access to Hong Kong dollar-based digital assets.
The trial highlighted interoperability between blockchain settlement systems and traditional banking infrastructure, showing how regulated digital tokens could support compliant financial operations.
Hong Kong Tightens Oversight of Stablecoin Sector
As stablecoin activity continues expanding, Hong Kong regulators have increased scrutiny over digital asset operations. The HKMA previously warned the public about fraudulent tokens using names associated with licensed issuers, including HKDAP and HSBC-related branding.
The HKDAP stablecoin is expected to move toward a phased public launch in the coming weeks as authorities continue balancing innovation with investor protection measures.
Hong Kong’s latest stablecoin initiative signals the region’s ambition to become a leading hub for regulated digital asset infrastructure and compliant blockchain-based financial services.
