A Standard Chartered-led joint venture kicked off institutional use of Hong Kong dollar-backed stablecoins on Wednesday, a year after the city put its stablecoin law into effect as part of an effort to become a global hub for digital assets.<\/p>\n
Retail use of the regulated cryptocurrency was expected \u201cas early as end-2026\u201d, subject to market conditions, said Anchorpoint Financial, a Hong Kong-licensed stablecoin issuer, in a statement on Wednesday.<\/p>\n
A joint venture formed by Standard Chartered, Animoca Brands and HKT, Anchorpoint said it began the first phase of its HKDAP coin roll-out via beta access, enabling initial distributors and users to begin integrating it into commercial applications. HKDAP stands for \u201cHong Kong dollar at par\u201d, the company said.<\/p>\n
In the current phase, authorised distributors would be allowed to offer conversion between HKDAP and fiat currency for institutions, corporate users and professional investors, the company added.<\/p>\n
\u201cAnchorpoint has been executing its phased approach in a prudent and structured manner,\u201d the statement said. \u201cOperating on public blockchain infrastructure, Anchorpoint is adopting a [business-to-business-to-consumer] model to maximise ecosystem participation and growth.\u201d<\/p>\n
Anchorpoint\u2019s plans were in line with the cautious approach adopted by the city\u2019s de facto central bank, the Hong Kong Monetary Authority (HKMA).<\/p>\n","protected":false},"excerpt":{"rendered":"A Standard Chartered-led joint venture kicked off institutional use of Hong Kong dollar-backed stablecoins on Wednesday, a year…\n","protected":false},"author":2,"featured_media":101968,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[21387],"tags":[42897,42899,16863,9001,42901,42898,42900,1772,42902,27775,9881,668,11533,20677,42903],"class_list":["post-101967","post","type-post","status-publish","format-standard","has-post-thumbnail","category-standard-chartered","tag-anchorpoint","tag-anchorpoint-financial","tag-animoca-brands","tag-digital-assets","tag-dominic-maffei","tag-hkdap","tag-hkt","tag-hong-kong","tag-hong-kong-dollar","tag-hong-kong-monetary-authority","tag-hsbc","tag-payments","tag-stablecoin","tag-standard-chartered","tag-tokenised-money"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/117082348988336014","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/101967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=101967"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/101967\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/101968"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=101967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=101967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=101967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}