Anchorpoint plans to issue Hong Kong's HKDAP stablecoin on Solana

Anchorpoint plans to issue its Hong Kong dollar stablecoin, HKDAP, on the Solana network. The Standard Chartered-backed firm, one of the first two issuers licensed under Hong Kong's stablecoin law, announced the move with the Solana Foundation on October 30. No launch date has been set.

Both companies said they would enable native minting and redemption of HKDAP on Solana. In plain terms, approved participants could create and cash out the token on the network itself, rather than route every transaction through Anchorpoint's current distributors. Crypto.news first reported the plan. Neither side has published a token address for the Solana version.

What Anchorpoint and Solana agreed

This is a strategic collaboration, not a finished product. The two describe it as a plan to bring regulated Hong Kong dollars onto a fast public network, with retail payments and the settlement of tokenized assets as the main targets. The Solana Foundation is also joining Anchorpoint's Tokenised Money Adoption Programme as a strategic partner. That group, which the accounting firm PwC joined earlier, works on research, education and getting regulated stablecoins into real use across Hong Kong.

Dominic Maffei, chief executive of Anchorpoint, said the firm wants an open network "designed to connect ecosystems, not fragment them." Lu Yin, who heads Asia-Pacific at the Solana Foundation, said the plan could make Hong Kong dollar digital money easier to reach through everyday consumer apps. Solana already holds about $4.9 billion in tokenized real-world assets and more than 835,000 holders of those assets, according to figures in the announcement. That base is what the deal is aimed at.

Why putting HKDAP on Solana matters

Right now, HKDAP reaches users only through a short list of authorized distributors, among them HashKey Exchange, OSL and Standard Chartered's Hong Kong arm. Native issuance would change the plumbing. Approved participants could mint and redeem the token directly on-chain, cutting out steps and settling in seconds rather than through a bank queue. A transfer that moves through correspondent banks over a day could, in theory, clear almost at once. That is the promise. It is not yet proven at scale.

The pitch also leans on tokenized assets. Banks and funds have begun moving traditional products onto public ledgers, and Anchorpoint wants HKDAP to be the cash leg that settles those trades. Aviva Investors, for one, recently tokenized a sterling fund share class on the XRP Ledger. A regulated stablecoin gives deals like that a settlement asset that does not swing in price. Whether real demand follows is the open question.

Who is behind HKDAP, and the rules it follows

Anchorpoint is not a startup. It is a subsidiary of Standard Chartered Bank (Hong Kong) and a joint venture formed in February 2025 with the telecoms group HKT and the gaming and crypto firm Animoca Brands. Standard Chartered, which operates in 55 markets, is the largest shareholder, though the partners have not said how the equity splits. "As its largest shareholder, Standard Chartered is truly honoured," Mary Huen, the bank's chief executive for Hong Kong and Greater China and North Asia, said when the license came through.

HKDAP stands for Hong Kong Dollar At Par. Each token is meant to be worth exactly one Hong Kong dollar, which is what separates a pegged stablecoin from a token that floats with the market. Anchorpoint won its license from the Hong Kong Monetary Authority on April 10, 2026, registered as FRS01. It has run HKDAP as an institutional beta since August, with Standard Chartered as the first bank distributor.

Hong Kong's Stablecoins Ordinance took effect on August 1, 2025. It forces anyone issuing a fiat-backed stablecoin in the city to hold an HKMA license, fully back the coins with high-quality liquid assets, and let holders redeem them at face value. Issuers must keep at least HK$25 million in paid-up capital and HK$3 million in liquid assets. The regulator closed its first application window on September 30, 2025, received 36 submissions, and granted just two licenses, picking firms it judged able to manage the risks. HSBC holds the other, FRS02, dated the same day as Anchorpoint's. In late October the bank began offering its own Hong Kong dollar token, RedCoin, through the PayMe app, which reports more than 3.3 million users.

Most stablecoins in use are pegged to the US dollar. A regulated Hong Kong dollar version is rarer, and the city's regulators have pushed to license local issuers so digital payments can settle in Hong Kong's own currency under its own rules. Two licensed banks are now racing to get there first.

What is not confirmed

Several pieces are still missing. No launch date exists. No token address exists. Until Anchorpoint publishes one, any HKDAP appearing on Solana should be treated as unofficial, a risk the company itself has flagged. The token also stays limited to institutions and professional investors for now, not the wider public.

Anchorpoint has not published an audited figure for how much HKDAP is in circulation, and public estimates vary. A collaboration is not a binding launch. Plans at this stage slip or change. The distance between a signed partnership and a working product is where most of the risk sits, and that distance is still wide.

What to watch

A firm launch date and an official token address are the next real signals. Watch whether access opens to retail users or stays with institutions. Watch how HKDAP stacks up against HSBC's RedCoin once both reach consumer apps. And watch Solana's tokenized-asset base, because that is the market this deal is built around.