Anchorpoint Monetary, a Hong Kong-licensed stablecoin issuer, has added HashKey Alternate as a licensed distributor for its Hong Kong greenback stablecoin, HKDAP, probably increasing entry to the fiat-backed asset as Hong Kong’s regulated stablecoin market takes form.
The businesses introduced on Tuesday that the association is a part of a beta rollout permitting eligible establishments {and professional} traders to entry the stablecoin by HashKey and different supported channels. HashKey stated it has already accomplished its first HKDAP minting and redemption transaction with eligible purchasers, together with fiat on- and off-ramping.
The businesses stated they plan to develop distribution over time and discover further makes use of for HKDAP, together with cross-border funds, settlement and tokenized finance.
HKDAP, brief for “HKD At Par,” is a regulated Hong Kong greenback stablecoin designed to perform as tokenized cash for funds and different monetary transactions. Anchorpoint is a three way partnership established by Normal Chartered Financial institution (Hong Kong), HKT and Animoca Manufacturers, and was among the many first firms to obtain a stablecoin issuer license from the Hong Kong Financial Authority.
As Cointelegraph reported, Anchorpoint was established in April 2025, two months after Normal Chartered and Animoca introduced plans to launch a Hong Kong dollar-backed stablecoin.
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Hong Kong stablecoin market takes form
Hong Kong dollar-backed stablecoins may turn into a large market, with a 2025 Citi report estimating that circulation may attain $16 billion following the introduction of town’s stablecoin licensing regime.
For now, nevertheless, US dollar-pegged tokens account for the overwhelming majority of the worldwide stablecoin market, whereas artificial stablecoins signify a smaller rising phase. Dependable knowledge on the circulation and adoption of Hong Kong dollar-backed stablecoins stays restricted, making it tough to gauge the market’s present measurement or progress trajectory.
In the meantime, stablecoin transactions proceed to surge, with the mixed adjusted transaction quantity of USDC (USDC) and USDt (USDT) reaching roughly $3.8 trillion within the first quarter of the yr, in response to Bernstein.
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