The archive · Money & Fintech · Strategic decision · 2025–2026
Anchorpoint wins one of Hong Kong's first stablecoin licences; HKDAP due from Q2 2026
Anchorpoint, the Standard Chartered-HKT-Animoca JV, won one of HK's first two stablecoin licences (Apr 10 2026) to issue the regulated HKD stablecoin HKDAP.
Anchorpoint Financial Limited
What the business is
Anchorpoint is a Hong Kong joint venture of Standard Chartered Bank (Hong Kong), HKT and Animoca Brands, licensed to issue HKDAP ('HKD At Par'), a regulated Hong Kong-dollar-backed stablecoin aimed at cross-border payments, tokenised-asset settlement and local merchant payments.
How it started
Standard Chartered Bank (Hong Kong), HKT and Animoca Brands began exploring stablecoins as a form of tokenised money in early 2023, were admitted to the HKMA's Stablecoin Issuer Sandbox in 2024, and formally incorporated Anchorpoint Financial in February 2025 - the same year Hong Kong's Stablecoins Ordinance (Cap. 566) came into effect on 1 August 2025, requiring any firm issuing stablecoins in Hong Kong to first obtain a licence.
What happened
The HKMA received 36 applications in the first batch by 30 September 2025. After a six-month review focused on risk-management capability and credible use cases, it granted the first two licences on 10 April 2026 to Anchorpoint and HSBC. Anchorpoint plans a B2B2C model in which selected authorised distributors give the public access to HKDAP, plus incentives for early adoption partners building real-world use cases such as cross-border payments and tokenised real-world assets.
How it ended up
Licensed but not yet issuing as of 2026-09-02: HKMA expects regulated stablecoins to launch in mid-to-second-half 2026 after licensees finish platform testing and risk-management roll-out; Anchorpoint's stated target is phased issuance of HKDAP from Q2 2026.
Background
Anchorpoint Financial is a Hong Kong joint venture incorporated in February 2025 by Standard Chartered Bank (Hong Kong), HKT and Animoca Brands to issue a regulated Hong Kong dollar-backed stablecoin, HKDAP. Its founding bet was that Hong Kong's Stablecoins Ordinance - effective 1 August 2025 - would turn HKD stablecoins from a crypto-trading curiosity into a mainstream settlement instrument, and that a bank-led consortium would be best placed to win one of the deliberately scarce licences.
The three parents had explored stablecoins since early 2023, joined the HKMA's Stablecoin Issuer Sandbox in 2024, and filed an application in the first batch, which closed on 30 September 2025 with 36 applicants. On 10 April 2026 the HKMA granted its first two licences, to Anchorpoint and HSBC. HKMA chief executive Eddie Yue publicly explained that the two winners demonstrated risk-management capability and credible use cases; The Block quoted Animoca's group president Evan Auyang calling it 'a landmark moment' for regulated digital finance.
Anchorpoint plans a B2B2C model: selected authorised distributors give the public access to HKDAP, and early adoption partners get incentives to build cross-border payment and tokenised-asset use cases. As of early September 2026 the licence is live but HKDAP is not yet in circulation; the HKMA expects regulated stablecoin launches in mid-to-second-half 2026, and reporters have flagged a second wave of applicants (including Futu Securities and OSL) waiting behind the first two.
What has to be true
- The ordinance created a category that did not exist: only licensed issuers may issue fiat-backed stablecoins in Hong Kong, making the licence a structural barrier rather than a product edge.
- The note-issuing bank partner gives the JV reserve custody, compliance depth and corporate trust that pure-crypto issuers struggle to match under HKMA's strict reserve and AML requirements.
- HKT's retail distribution and Animoca's web3 ecosystem give HKDAP a route to merchant and consumer adoption that a bank-only issuer would lack.
- Entering the 2024 sandbox and filing in the first batch mattered: with 36 applicants and only two first-wave licences, the review favoured teams that had already demonstrated plans to the regulator.
- First-licence status positions Anchorpoint for the 'second wave' narrative in Asian crypto coverage, keeping mindshare ahead of later entrants like Futu and OSL.
What can be applied
When a regulator caps a market at a handful of licences, the licence itself is the moat - assembling credibility (bank), distribution (telco) and ecosystem (web3) early beats building product later.
Aftermath
As of 2026-09-02 Anchorpoint holds one of Hong Kong's first two stablecoin issuer licences but has not yet issued HKDAP. The HKMA expects regulated stablecoins to launch in mid-to-second-half 2026 once licensees complete platform testing, reserve-management and AML roll-outs; Anchorpoint's own target is phased issuance from Q2 2026 through authorised distributors. The Block reported that a second wave of applicants - Futu Securities and OSL among them - is already positioning for later licences, and the HKMA has said further licences will remain 'very limited'.
Sources
- Robust development of the regulated stablecoin ecosystem in Hong Kong
- HSBC and Anchorpoint Financial gain first Hong Kong stablecoin issuer licenses
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