Anchorpoint Taps Solana to Launch HKDAP Regulated Stablecoin

Anchorpoint To Bring HKDAP Stablecoin to Solana

Anchorpoint, a consortium licensed by the Hong Kong Monetary Authority (HKMA) to issue Hong Kong dollar-backed stablecoins, has taken the first steps to launch its HKDAP stablecoin into the wider crypto market.

The consortium, led by Standard Chartered with the participation of Animoca Brands and HKT, entered a strategic collaboration with the Solana Foundation to support retail and institutional use cases for its HKDAP Hong Kong dollar-pegged stablecoin.

The partnership encompasses support for the native minting and redemption of HKDAP on
the Solana blockchain, with near-instant settlement speed, in addition to broadening the international reach and adoption of the stablecoin as a way to strengthen “Hong Kong Dollar’s appeal in international markets” and support “Hong Kong as a leading treasury and capital markets hub.”

Anchorpoint also stressed that it was interested in expanding the use of HKDAP beyond retail applications, facilitating access to HKDAP and HKDAP-enabled tokenised products using Solana as a vehicle.

Lu Yin, Head of APAC at the Solana Foundation, highlighted the benefits of HKDAP’s deployment on the Solana blockchain. “HKDAP on Solana has the potential to make Hong Kong Dollar-denominated digital value more accessible and useful across a wider range of real-world use cases,” he assessed, stressing that this move helps “bridge regulated financial infrastructure with the speed, accessibility and scale needed for the next generation of digital financial services.”

“Our collaboration with Solana Foundation reflects that philosophy, bringing together regulated tokenised money infrastructure and one of the world’s leading public blockchain ecosystems,” said Dominic Maffei, co-founder and CEO of Anchorpoint. “As we continue to expand the HKDAP ecosystem, our focus remains on enabling connectivity across networks, participants and markets,” he concluded, hinting at additional deployment in more networks.

The move follows the launch of Redcoin, another Hong Kong-pegged stablecoin issued by HSBC that entered the retail market through PayMe, a mobile payment system that enables peer-to-peer (P2P) and peer-to-merchant payments for all of PayMe’s 3.3 million users, in addition to tokenized investments “coming soon” through the HSBC HK app.