The brief

Analyst view

• One of two licensed stablecoin issuers in Hong Kong (the other is HSBC); the HKMA received 36 applications.
• HKDAP went live on Ethereum on 12 Aug 2026 for institutions and professional investors only.
• Retail access is targeted by the end of 2026, sold through licensed exchanges such as HashKey and OSL.

Technical approach

As reported

Reserves

Hong Kong dollars held at the bank

Each HKDAP is meant to be redeemable for one Hong Kong dollar; the reserve cash is funded and held through Standard Chartered's banking systems.

Chain

Issued on public Ethereum

HKDAP is a token on Ethereum mainnet, so it can move 24/7 between wallets and settle trades in tokenized assets without bank cut-off times.

Distribution

Sold through licensed exchanges

Anchorpoint does not sell to the public directly. Licensed platforms such as HashKey and OSL swap HKDAP for cash for their own vetted clients.